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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: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $2,500 7,500 4,000 3,800 Select one: O a. $4,300 O b. $5,040 O c. $5,000 O d. $4,200 Oe. $4,800 December 31 2021 $4,200 6,300 5,100 5,000 The 12/31/21 balance of Construction in Progress is: 2022 $11,550 0 12,000 11,900

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: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $2,500 7,500 4,000 3,800 Select one: O a. $4,300 O b. $5,040 O c. $5,000 O d. $4,200 Oe. $4,800 December 31 2021 $4,200 6,300 5,100 5,000 The 12/31/21 balance of Construction in Progress is: 2022 $11,550 0 12,000 11,900

FINANCIAL ACCOUNTING
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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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: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $2,500 7,500 4,000 3,800 Select one: O a. $4,300 O b. $5,040 O c. $5,000 O d. $4,200 e. $4,800 December 31 2021 $4,200 6,300 5,100 5,000 The 12/31/21 balance of Construction in Progress is: 2022 $11,550 0 12,000 11,900
Transcribed Image Text: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: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $2,500 7,500 4,000 3,800 Select one: O a. $4,300 O b. $5,040 O c. $5,000 O d. $4,200 e. $4,800 December 31 2021 $4,200 6,300 5,100 5,000 The 12/31/21 balance of Construction in Progress is: 2022 $11,550 0 12,000 11,900
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