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Quick Construction Company bulds bridges and uses the percentage of completion method: Data on its latest bridge project shows the following Total amount of contract
Quick Construction Company bulds bridges and uses the percentage of completion method: Data on its latest bridge project shows the following Total amount of contract awarded for building the bridge =$30,800 Estimated costs to build the bridge are $10.000 The following cost pattern was incurred in the 3 months to build the bridge (20% in month 1,30% in month 2 and 50% in month 3). Payment is due 40 days after recelving the certification that a certain percentage has been completed by month end Reauired 1: Assuming no other transaction happened, what is the balance of Accounts Receivables at the end of the first month? $ Required 2- Assuming no other transaction happened, what is the balance of Accounts Receivables at the end of the second month? $ Required 3. Assuming no other transaction happened, what is the baiance of Accounts Recelvables at the end of the third month? $
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