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The Forster Construction Company began work on a $15,000 contract on 1/1/25. Planned completion was in 2027. The Percentage-of-Completion method is used. Given the following:
The Forster Construction Company began work on a $15,000 contract on 1/1/25. Planned completion was in 2027. The Percentage-of-Completion method is used.
Given the following:
|
|
| 2025 |
| 2026 |
|
|
| Costs incurred to date |
| $3,300 |
| $6,800 |
|
|
| Estimated costs to complete |
| 9,900 |
| 8,700 |
|
|
| Billings to date |
| 3,000 |
| 5,800 |
|
|
| Collections to date |
| 2,900 |
| 5,500 |
|
|
2026 Net Income (Loss) is: ($____)
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