The following contract prices and costs relate to all of Orlando Construction Company's longterm construction projects (in
Question:
The following contract prices and costs relate to all of Orlando Construction Company's longterm construction projects (in millions of dollars):
General and administrative expenses for 1999 amounted to $1,200,000. Assume that the general and administrative expenses are not to be treated as a part of the construction cost.
a. Compute net income for 1999 using the completed-contract method.
b. Compute net income for 1999 using the percentage-of-completion method.
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Related Book For 
Financial Accounting A Business Perspective
ISBN: 9780072289985
7th Edition
Authors: Roger H. Hermanson, James Don Edwards
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