Question
A company began work in 2020 on a contract for $7,800. Other data are as follows: 2020 2021 costs incurred to due $3,000 5,600 estimated
A company began work in 2020 on a contract for $7,800. Other data are as follows:
| 2020 | 2021 | |
| costs incurred to due | $3,000 | 5,600 |
| estimated costs to complete | 2,000 | ---------- |
| Billings to date | 3,100 | 7,800 |
| collections to date | 1,000 | 4,400 |
If the company uses the percentage-of-completion method, for the journal entry that records construction revenue, construction expense, and gross profit for 2020, how much will be recorded for Construction in Process?
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Auditing A Risk Based-Approach
Authors: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
11th Edition
1337619455, 1337619450, 9781337670203 , 978-1337619455
