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

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

Section: Chapter Questions

Problem 1Q

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