Cullumber Construction Company had a contract starting April 2021, to construct a $22900000 building that is expected
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Question:
Cullumber Construction Company had a contract starting April 2021, to construct a $22900000 building that is expected to be completed in September 2023, at an estimated cost of $20900000. At the end of 2021, the costs to date were $7315000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $3700000 and the cash collected during 2021 was 3090000. Cullumber uses the percentage-of-completion method.
At December 31, 2021 Cullumber would report Construction in Process in the amount of
A. $700000.
B. $3615000.
C. $8015000.
D. $7315000.
Related Book For
Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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