Amy Van Dyken Construction Company uses the percentage-of-completion method of accounting. In 2008, Van Dyken began work
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Amy Van Dyken Construction Company uses the percentage-of-completion method of accounting. In 2008, Van Dyken began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other details follow:
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(a) What portion of the total contract price would be recognized as revenue in 2008? In 2009?
(b) Assuming the same facts as those above except that Van Dyken uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in2009?
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Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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