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Wildhorse, Inc. began work in 2021 on a contract for $20580000. Other data are as follows: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2021 $8820000 5880000 6940000 4940000 2022 $13850000 O 20700000 17850000 It Wildhorse uses the percentage-of-completion method, the gross proht to be recognized in 2021 is

Wildhorse, Inc. began work in 2021 on a contract for $20580000. Other data are as follows: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2021 $8820000 5880000 6940000 4940000 2022 $13850000 O 20700000 17850000 It Wildhorse uses the percentage-of-completion method, the gross proht to be recognized in 2021 is

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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Wildhorse, Inc. began work in 2021 on a contract for $20580000. Other data are as follows: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2021 $8820000 5880000 6940000 4940000 2022 $13850000 0 20700000 17850000 It Wildhorse uses the percentage-of completion method, the gross pruht to be recognized in 2021 is
Transcribed Image Text:Wildhorse, Inc. began work in 2021 on a contract for $20580000. Other data are as follows: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2021 $8820000 5880000 6940000 4940000 2022 $13850000 0 20700000 17850000 It Wildhorse uses the percentage-of completion method, the gross pruht to be recognized in 2021 is
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