The Leverenz Construction Company began work on a $15,000 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 2021 Net Income (Loss) is: 2020 $3,300 9,900 3,000 2,900 2021 $6,800 8,400 5,800 5,500 2022 $15,700 0 13,000 12,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The Leverenz Construction Company began work on a $15,000 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
2021 Net Income (Loss) is:
Select one:
O a.
$(650)
O b.
$(200)
O c.
$(539)
O d. $(89)
e. $200
2020
$3,300
9,900
3,000
2,900
2021
$6,800
8,400
5,800
5,500
2022
$15,700
0
13,000
12,000
Transcribed Image Text:The Leverenz Construction Company began work on a $15,000 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 2021 Net Income (Loss) is: Select one: O a. $(650) O b. $(200) O c. $(539) O d. $(89) e. $200 2020 $3,300 9,900 3,000 2,900 2021 $6,800 8,400 5,800 5,500 2022 $15,700 0 13,000 12,000
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