G Company agreed to build a building for K Corporations. The contract price is $4,200,000. Data pertaining to expected and actual costs incurred for building is providing below: Year Costs 2017 $740,000 2018 $1,650,000 2019 $750,500 G Company completed the building in the year 2019. Calculate the amount of net income from 2017 to 2019. (Use the percentage-of-completion method and round all the percentages to zero decimal places) Net Income for 2017, 2018, and 2019 are $840,000, $2,120,000, and $1,040,000, respectively. Net Income for 2017, 2018, and 2019 are $268,000, $576,000, and $257,500, respectively. Net Income for 2017, 2018, and 2019 are $249,651, $556,655, and $253,194, respectively. Net Income for 2017, 2018, and 2019 are $830,400, $1,351,500, and $827.880, respectively.
G Company agreed to build a building for K Corporations. The contract price is $4,200,000. Data pertaining to expected and actual costs incurred for building is providing below: Year Costs 2017 $740,000 2018 $1,650,000 2019 $750,500 G Company completed the building in the year 2019. Calculate the amount of net income from 2017 to 2019. (Use the percentage-of-completion method and round all the percentages to zero decimal places) Net Income for 2017, 2018, and 2019 are $840,000, $2,120,000, and $1,040,000, respectively. Net Income for 2017, 2018, and 2019 are $268,000, $576,000, and $257,500, respectively. Net Income for 2017, 2018, and 2019 are $249,651, $556,655, and $253,194, respectively. Net Income for 2017, 2018, and 2019 are $830,400, $1,351,500, and $827.880, respectively.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:G Company agreed to build a building for K Corporations. The contract price is $4,200,000.
Data pertaining to expected and actual costs incurred for building is providing below:
Year
Costs
2017
$740,000
2018
$1,650,000
2019
$750,500
G Company completed the building in the year 2019.
Calculate the amount of net income from 2017 to 2019. (Use the percentage-of-completion method and round all the percentages to zero decimal places)
Net Income for 2017, 2018, and 2019 are $840,000, $2,120,000, and $1,040,000, respectively.
Net Income for 2017, 2018, and 2019 are $268,000, $576,000, and $257,500, respectively.
Net Income for 2017, 2018, and 2019 are $249,651, $556,655, and $253,194, respectively.
Net Income for 2017, 2018, and 2019 are $830,400, $1,351,500, and $827.880, respectively.
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