In 2007 Jeff Rouse Construction Company agreed to construct an apartment building at a price of $1,000,000.
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Assuming that the percentage-of-completion method is used, compute the amount of gross profit to be recognized in 2007 and2008.
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2007 2008 Costs incurred to date Estimated costs yet to be incurred Customer billings to date Collection of billings to date $280,000 $600,000 200,000 400,000 520,000 150,000 120000 320,000 2009 785,000 1,000,000 1, 940,000
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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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