Question
Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below: Bid price $ 450,000 Contract costs: 2020 (180,000)
Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below:
| Bid price | $ 450,000 | |
| Contract costs: | 2020 | (180,000) |
| 2021 | (195,000) | |
| Estimated cost to complete: | ||
| 12/31/2020 | $ 220,000 | |
| 12/31/2021 | 0 |
BCC recognizes revenue over time according to percentage of completion for this contract. The correct amount of revenue recognized in 2020 should be ____ and the correct gross profit recognized in 2020 should be ____.
fill in the blanks
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Handbook For Phase 1 Habitat Survey Field Manual A Technique For Environmental Audit
Authors: JNCC
1st Edition
1907807241, 978-1907807244
