Question
JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,440,000. JRE2 recognizes revenue upon contract completion. Cost incurred Estimated
JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,440,000. JRE2 recognizes revenue upon contract completion.
| Cost incurred | Estimated Cost to Complete | |||||
| 2017 | $ | 282,000 | $ | 1,710,000 | ||
| 2018 | 1,760,000 | 660,000 | ||||
| 2019 | 610,000 | 0 | ||||
In 2018, JRE2 would report gross profit (loss) of: ??
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Introduction To Government And Not For Profit Accounting
Authors: Martin Ives, Joseph R. Razek, Gordon A. Hosch
5th Edition
0130464147, 978-0130464149
