Swifty Ltd. began work in 2023 on a contract for $971000. Other details follow: Costs incurred during the year Estimated costs to complete as of December 31 Billings during the year Collections during the year O $242750 O $57900. 2023 $323850. O $81100. $161650 484950 180400 150600 2024 $493300 0 Assume that Swifty uses the percentage-of-completion method of accounting. The portion of the total gross profit to be recognized 2023 is 725000 580000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Swifty Ltd. began work in 2023 on a contract for $971000. Other details follow:
Costs incurred during the year
Estimated costs to complete as of December 31
Billings during the year
Collections during the year
O $242750.
O $57900.
$323850.
O $81100
2023
Tatou
$161650
484950
180400
150600
2024
$493300
Assume that Swifty uses the percentage-of-completion method of accounting. The portion of the total gross profit to be recognized in
2023 is
0
725000
580000
Transcribed Image Text:Swifty Ltd. began work in 2023 on a contract for $971000. Other details follow: Costs incurred during the year Estimated costs to complete as of December 31 Billings during the year Collections during the year O $242750. O $57900. $323850. O $81100 2023 Tatou $161650 484950 180400 150600 2024 $493300 Assume that Swifty uses the percentage-of-completion method of accounting. The portion of the total gross profit to be recognized in 2023 is 0 725000 580000
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