Question
XYZ company contracted on April 1, 2018 to construct a building for $2700000. The project was completed in 2020. Calculate the profit/loss recognized by XYZ
XYZ company contracted on April 1, 2018 to construct a building for $2700000. The project was completed in 2020. Calculate the profit/loss recognized by XYZ under the percentage-of-completion in 2019.
2018 2019 2020
Costs Incurred to date: 600000 1200000 1860000
Estimated cost to complete: 1000000 600000
Billing to date 500000 1900000 2700000
Collection to date 400000 1400000 2350000
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Performance Auditing Measuring Inputs, Outputs, And Outcomes
Authors: Stephen L. Morgan, Ronell B. Raaum, Colleen G. Waring
3rd Edition
0894139762, 9780894139765
