Question
In 2016, Cupid Construction Co. (CCC) began work on a two-year fixed price contract project. CCC recognizes revenue over time according to percentage of completion
In 2016, Cupid Construction Co. (CCC) began work on a two-year fixed price contract project. CCC recognizes revenue over time according to percentage of completion for this contract, and provides the following information (dollars in millions):
Accounts Rec $37.5
Actual Const. cost incurred during 2016 $135
Cash collected $105
Const in progress $207
Estimated Percentage of completion 60%
What is the amount of gross profit on the project recognized by CCC during 2016?
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Energy Audit And Management Concept Methodologies Procedures And Case Studies
Authors: L. Ashok Kumar, Gokul Ganesan
1st Edition
978-1032067797
