Question
Sunland Construction Company uses the percentage-of-completion method of accounting. In 2018, Sunland began work on a contract it had received which provided for a contract
Sunland Construction Company uses the percentage-of-completion method of accounting. In 2018, Sunland began work on a contract it had received which provided for a contract price of $31500000. Other details follow:
2018
Costs incurred during the year $15600000
Estimated costs to complete as of December $319600000
Billings during the year $13500000
Collections during the year $8900000
What should be the gross profit recognized in 2018?
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Financial Accounting Information for Decisions
Authors: John Wild
7th edition
78025893, 978-0078025891
