Question
Dalton Construction Co. contracted to build a bridge for $5,000,000. Construction began in 2010 and was completed in 2011. Data relating to the construction are:
Dalton Construction Co. contracted to build a bridge for $5,000,000. Construction began in 2010 and was completed in 2011. Data relating to the construction are: Costs to date 2010 , $1,650,000 2011 , $3,025,000
Estimated costs to complete 2010 , 1,350,000 2011 , zero
Dalton uses the percentage-of-completion method. How much gross profit should be reported for 2010?
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
