Zorzi b egan work on a $420,000 construction contract in 2017. During 2017 Zorzi incurred costs of $278,000, billed its customer for $215,000, ancd collected $175,000 At December 31, 2017, the estimated additional costs to complete the project total $162,000, Prepare Zorzi's Journal entry to record profit or loss utilizing the percentage of Completion Method O Construction Expense Revenue from Long Term Contracts $285,356 O Construction Expense Construction in Process Revenue from Long Term Contracts O Construction Expense Construction in Process Revenue from Long Term Contracts O Construction Expense Construction in Process Revenue from Long Term Contracts $420 000 $285,356 $285.356 $20.000 $265 356 $420 000 $20 000 $400 000 $400 000 $20.000

Zorzi b egan work on a $420,000 construction contract in 2017. During 2017 Zorzi incurred costs of $278,000, billed its customer for $215,000, ancd collected $175,000 At December 31, 2017, the estimated additional costs to complete the project total $162,000, Prepare Zorzi's Journal entry to record profit or loss utilizing the percentage of Completion Method O Construction Expense Revenue from Long Term Contracts $285,356 O Construction Expense Construction in Process Revenue from Long Term Contracts O Construction Expense Construction in Process Revenue from Long Term Contracts O Construction Expense Construction in Process Revenue from Long Term Contracts $420 000 $285,356 $285.356 $20.000 $265 356 $420 000 $20 000 $400 000 $400 000 $20.000

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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