Answer is $5,400,000Please explain the reasoning and calculations Ramos, Inc. began work in 2017 on contract #3814. The contract price is $7,200,000. Thecontract is expected to be completed in 2018. Other details follow:2017$1,200,0003,600,0001,350,000900,0002018Costs incurred during the yearEstimated costs to complete, as of December 31Billings during theCollections during the$3,675,000year5,400,0005,850,000yearAssume that Ramos uses the percentage-of-completion method of accounting and has fiscalyears ending on December 31. 3. For the year ended December 31, 2018, Carter would recognize revenue from contract #3814in the amount ofa. $1,200,000.b. $1,800,000.c. $3,675,000.d. $5,400,000.

The gross profit and revenue are recognised on the basis of percentage of the work completed during…

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: 2017 $1,200,000 3,600,000 1,350,000 900,000 2018 Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year $3,675,000 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.

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: 2017 $1,200,000 3,600,000 1,350,000 900,000 2018 Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year $3,675,000 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.

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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