Please do not give solution in image format thanku MSK Construction Company contracted to construct a factory building for $525,000. Constructionstarted during 20X1 and was completed in 20X2. Information relating to the contract follows:20X1Costs incurred during the yearEstimated additional cost to completeBillings during the yearCash collections during the yearSWhat should be the construction revenue recognized in 20x1?290,000 $145,000260,000240,00020X2150,000265,000285,000

Contract costing is one of useful form of costing being used in business. Under this, contract…

MSK Construction Company contracted to construct a factory building for $525,000. Construction started during 20X1 and was completed in 20X2. Information relating to the contract follows: Costs incurred during the year Estimated additional cost to complete Billings during the year Cash collections during the year $ What should be the construction revenue recognized in 20x1? 20X1 290,000 $ 145,000 260,000 240,000 20X2 150,000 265,000 285,000

MSK Construction Company contracted to construct a factory building for $525,000. Construction started during 20X1 and was completed in 20X2. Information relating to the contract follows: Costs incurred during the year Estimated additional cost to complete Billings during the year Cash collections during the year $ What should be the construction revenue recognized in 20x1? 20X1 290,000 $ 145,000 260,000 240,000 20X2 150,000 265,000 285,000

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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