Derrick Adkins Construction Company began operations in 2008. Construction activity for the first year is shown below.
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Derrick Adkins Construction Company uses the completed-contract method. Determine the amount of income or loss to be reported for each of the three projects in2008.
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Cash Collections through 12/31/08 Contract Costs Incurred through 12/31/08 $450,000 126,000 330,000 $906,000 Estimated Additional Costs to Complete $140,000 504,000 roct Pice 980,00 $340000 Total Contract Billings through 12/31/08 $ 560,000 360,000 $340,000 670,000 500,000 2 220,000 500,000 210,000 440,000 $80,000 $1,730,000 $1,080,000 $990,000
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DERRICK ADKINS CONSTRUCTION COMPANY Partial Income Statement Year Ended December 3...View the full answer
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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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