Structco Construction Company entered into a long-term construction contract at a fixed contract price of $4,900,000 on
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Determine the amount of revenues, expenses, and income for 20x4, 20x5, and 20x6 by using the percentage-of-completion method.
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20x4 20x5 20x6 721,000 $,190,000 Costs incurred (this year) Cost of work yet to be completed $1,715,000 (at year-end) Cash collections (this year) Year-end percent complete 3,430,000 560,000 2096 2,240,000 1,120,000 5096 525,000 1,540,000 9596
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20 x 4 20 x 5 20 x 6 Revenue 980000 ...View the full answer
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Accounting Texts and Cases
ISBN: 978-1259097126
13th edition
Authors: Robert Anthony, David Hawkins, Kenneth Merchant
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