Question
Question 18 Sheridan, Inc. began work in 2021 on a contract for $20020000. Other data are as follows: 2021 2022 Costs incurred to date $8580000
Question 18
Sheridan, Inc. began work in 2021 on a contract for $20020000. Other data are as follows:
| 2021 | 2022 | |
| Costs incurred to date | $8580000 | $13650000 |
| Estimated costs to complete | 5720000 | 0 |
| Billings to date | 6860000 | 20300000 |
| Collections to date | 4860000 | 17650000 |
If Sheridan uses the percentage-of-completion method, the gross profit to be recognized in 2021 is
|
| $3432000. |
|
| $4000000. |
|
| $5460000. |
|
| $5720000. |
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Auditors Guide To IT Auditing Software Demo
Authors: Richard E. Cascarino
2nd Edition
1118147618, 978-1118147610
