Zita Ltd has supplied the following data concerning one of its contracts: Contract price N$200 000 Cost
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Question:
Zita Ltd has supplied the following data concerning one of its contracts:
Contract price N$200 000
Cost incurred to date N$115 000
Estimated cost to complete the contract N$ 37 000
Value of work certified by architect N$120 000
Progress payments received from client N$100 000
Cost of work certified N$ 84 000
- Calculate what amount of profit should be taken on the contract using the work certified method.
- Calculate what amount of profit should be taken on the contract using the percentage completion method.
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
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