Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question BR 4 pta Dobby Builds is a construction company that is finishing its first year of work on a construction project for a

image text in transcribed

Question BR 4 pta Dobby Builds is a construction company that is finishing its first year of work on a construction project for a customer. The total revenue for the project is $350,000. The construction company originally estimated that the total cost would be $210,000. In the first year of the construction, the company Incurred costs of $56,500 related to the project. The engineers determined that the remaining costs to complete are $175,600. How much revenue should Harry recognize in the first year of the project? Assume that the project meets the revenue recognition criteria for recognizing revenue over time (l.e., the percentage of completion method). Carry all decimals through on your calculator. Only round your final answer to the nearest dollar. $94,167 $292,667 O $264,800 O $85,200 $0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction to Managerial Accounting

Authors: Peter Brewer, Ray Garrison, Eric Noreen

5th edition

73527076, 978-0077386214, 77386213, 978-0073527079

More Books

Students also viewed these Accounting questions