In 2014, Keefer Construction began construction work under a three-year contract. The contract price was $500,000. Keefer
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1. What was the initial estimated total profit before tax on this contract?
2. How much cash was collected on this contract in2014?
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DR CR $ 7,500 125,000 Accounts receivable Inventory: Construction in progress Billings on construction contract Construction revenue Construction expenses $110,000 125,000 100,000
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Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
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