The Leto Construction Company began work on a $12,000 contract on 1/1/20. Planned completion was in 2022. The Percentage-of Completionmethod is used.Given the following:2020$2,5007,5004,0003,800December 312021$4,2006,3005,1005,0002022$11,650Costs incurred to dateEstimatod costs to completeBillings to dateCollections to dato12,00011,900The 12/31/20 balance of Construction Progress is:Select one:O a.$3,000O b. $3,166O c.$3,625O d. $4,500e.$2500

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The Leto Construction Company began work on a $12.000 contract on 1/1/20. Planned completion was in 2022. The Percentage-of Completion method is used. Given the following 2020 $2,500 7,500 4,000 3,800 December 31 2021 $4,200 6,300 5,100 5,000 2022 $11,550 Costs incurred to date Estimatod costs to complete Billings to date Collections to dato 12,000 11,900 The 12/31/20 balance of Construction Progress is: Select one: O a. $3,000 O b. $3,166 $3,625 O d. $4,500 e. $2.500

The Leto Construction Company began work on a $12.000 contract on 1/1/20. Planned completion was in 2022. The Percentage-of Completion method is used. Given the following 2020 $2,500 7,500 4,000 3,800 December 31 2021 $4,200 6,300 5,100 5,000 2022 $11,550 Costs incurred to date Estimatod costs to complete Billings to date Collections to dato 12,000 11,900 The 12/31/20 balance of Construction Progress is: Select one: O a. $3,000 O b. $3,166 $3,625 O d. $4,500 e. $2.500

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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