Question
12. Robinsons Land recognizes construction revenue and cost using the percentage of completion method. During 2017, a single long-term project begun which continue through 2017.
12. Robinsons Land recognizes construction revenue and cost using the percentage of completion method. During 2017, a single long-term project begun which continue through 2017. Information on the project follows:
2017 2018
Collections 200,000 600,000
Construction in progress net of billings 44,000 (112,000)
Contract billings 200,000 840,000
Current year gross profit 34,000 100,000
How much is the cost incurred FOR 2017 AND 2018?
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Fundamentals Of Advanced Accounting
Authors: Joe Ben Hoyle
8th Edition
1260575926, 978-1260575927
