Ramos, Inc. began work in 2017 on contract #3814. The contract price is $7,200,000. The contract is expected to be completed in 2018. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 2017 $1,200,000 3,600,000 1,350,000 900,000 2018 $3,675,000 0. 5,400,000 5,850,000 Assume that Ramos uses the percentage-of-completion method of accounting and has fiscal years ending on December 31. 1. The portion of the total gross profit to be recognized as income in 2017 is a. $450,000. b. $600,000. c. $1,800,000. d. $2,400,000.

Ramos, Inc. began work in 2017 on contract #3814. The contract price is $7,200,000. The contract is expected to be completed in 2018. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 2017 $1,200,000 3,600,000 1,350,000 900,000 2018 $3,675,000 0. 5,400,000 5,850,000 Assume that Ramos uses the percentage-of-completion method of accounting and has fiscal years ending on December 31. 1. The portion of the total gross profit to be recognized as income in 2017 is a. $450,000. b. $600,000. c. $1,800,000. d. $2,400,000.

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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