What is the gross profit for 2020? 2021? 2022?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 •
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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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