During 2025, Sheridan Company started a construction job with a contract price of $1,600,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2025 $404,000 606,000 300,000 272,000 2026 $830,680 262,320 906,000 810,000 2027 $1,069,000 -0- 1,600,000 1,416,000

During 2025, Sheridan Company started a construction job with a contract price of $1,600,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2025 $404,000 606,000 300,000 272,000 2026 $830,680 262,320 906,000 810,000 2027 $1,069,000 -0- 1,600,000 1,416,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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