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Percentage - of - completion and completed - contract methods On January 1 , 2 0 2 3 , Falcon Construction Ltd . started a
Percentageofcompletion and completedcontract methods On January Falcon Construction Ltd started a construction project for $ Relevant data for and are as follows: Current year billings $ $ Current year collections $ $ Current year const costs $ $ Est costs to complete $ $ Instructions Calculate the following amounts for each method: Completed Contract Percentage of Completion f Gross profits gContract assetLiability year end balance aCosts in excess of billings
Percentageofcompletion and completedcontract methods
On January Falcon Construction Ltd started a construction project for $
Relevant data for and are as follows:
Current year billings $ $
Current year collections $ $
Current year const costs $ $
Est costs to complete $ $
Instructions
Calculate the following amounts for each method:
Completed Contract Percentage of Completion
f Gross profits
gContract assetLiability year end balance
aCosts in excess of billings
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