Structco Construction Company entered into a long-term construction contract at a fixed contract price of $4,900,000 on

Question:

Structco Construction Company entered into a long-term construction contract at a fixed contract price of $4,900,000 on September 1, 20x4. Work has proceeded since that time with the following results:

Required:
Determine the amount of revenues, expenses, and income for 20x4, 20x5, and 20x6 by using the percentage-of-completion method.

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Accounting Texts and Cases

ISBN: 978-1259097126

13th edition

Authors: Robert Anthony, David Hawkins, Kenneth Merchant

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Question Posted: Apr 29, 2016 12:22 PM

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Structco Construction Company entered into a long-term construction contract at a fixed contract price of $4,900,000 on

Question:

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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