Question
During 2020, Bing Corp. started a construction job with a total contract price of $1,050,000. Bing has consistently used the completed contract method. The job
During 2020, Bing Corp. started a construction job with a total contract price of $1,050,000. Bing has consistently used the completed contract method. The job was completed on December 15, 2021. For 2021, what amount should Bing recognize as gross profit?
| 2020 | 2021 | |
| Actual Costs Incurred | $405,000 | 457,000 |
| Estimated Remaining Costs | 405,000 | 0 |
| Billings to Date | 360,000 | 690,000 |
| Collections to Date | 200,000 | 480,000 |
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Audit Of The Financial Stability Oversight Councils Designation Of Financial Market Utilities Report To The Financial Stability Oversight Council And The Congress
Authors: The Council Of Inspectors General On Financial Oversight
1st Edition
1503369331, 978-1503369337
