The following data relate to a construction job started by Syl Co. during 2007:   Total contract price $100,000   Actual costs during 2007 20,000   Estimated remaining costs 40,000   Billed to customer during 2007 30,000   Received from customer during 2007 10,000   Under the completed-contract method, how much should Syl recognize as gross profit for 2007?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The following data relate to a construction job started by Syl Co. during 2007:

 

Total contract price $100,000

 

Actual costs during 2007 20,000

 

Estimated remaining costs 40,000

 

Billed to customer during 2007 30,000

 

Received from customer during 2007 10,000

 

Under the completed-contract method, how much should Syl recognize as gross profit for 2007?

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