Salman Construction Co. began work on a S3,125,000 contract in 2018, using the percentage-of-completion method of accounting. The following information is given: 2018 Costs incurred during the year Estimated costs to complete as of Dec. 31 Billings during the year Cash collections during the year S1,500,000 1,000,000 1,375,000 812,500 What amount of gross profit should be recognized in 2018?
Salman Construction Co. began work on a S3,125,000 contract in 2018, using the percentage-of-completion method of accounting. The following information is given: 2018 Costs incurred during the year Estimated costs to complete as of Dec. 31 Billings during the year Cash collections during the year S1,500,000 1,000,000 1,375,000 812,500 What amount of gross profit should be recognized in 2018?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 26E
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