What is the gross profit for 2020? 2021? 2022?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![During 202O, Pharoah Company started a construction job with a contract price of
$1,728,000. The job was completed in 2020. The following information is available.
The contract is non-cancellable.
2020
2021
2022
Costs incurred to date
432,000 891,000 1,155,600
Estimated costs to complete
648,000 297,000
Billings to date
324,000 972,000 1,728,000
1,539,000
Collections to date
291,600 874,800
What is the gross profit for
2020?
2021?
2022?
...
BIU •
Format](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd829cb31-0ca8-4ff6-b02f-a2ae981c3ef7%2F407489bc-9ff9-4710-ab8f-ef9e7a2057b7%2F5xzib2f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:During 202O, Pharoah Company started a construction job with a contract price of
$1,728,000. The job was completed in 2020. The following information is available.
The contract is non-cancellable.
2020
2021
2022
Costs incurred to date
432,000 891,000 1,155,600
Estimated costs to complete
648,000 297,000
Billings to date
324,000 972,000 1,728,000
1,539,000
Collections to date
291,600 874,800
What is the gross profit for
2020?
2021?
2022?
...
BIU •
Format
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