Alpha Great Construction was the best selection to build the Stoddard Temple for the amount of $2,500,000.
Question:
Alpha Great Construction was the best selection to build the Stoddard Temple for the amount of $2,500,000. The project broke ground in 2010 and was then completed in 2011. Below the cost and other data are shown below:
Alpha Great Construction is using the percentage of completion method to recognize revenue:
Compute the amount of gross profit recognized in 2010 and2011
Transcribed Image Text:
Year Cost incurred during the year Estimated cost to complete Biling during the year Cash collections during the year 2010 S 555000 1200000 S 1500000 S 450000 1500000 S 2011 350000 1400000
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Year 2010 2011 Contract value Cost incurred during the year ...View the full answer
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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