in The Leto Construction Company began work on a $12,000 contract on 1/1/19. Planned completion was...

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in The Leto Construction Company began work on a $12,000 contract on 1/1/19. Planned completion was in 2021. The Percentage of Completion method is used. Given the following: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2019 $2,500 7,500 4,000 3,800 Select one: O a $(150) Ob $150 OC $450 O d. $(450) December 31 2020 $4,200 6,300 5,100 5,000 The Gross Profit or (loss) recognized in 2021 is: 2021 $11,500 0 12.000 11,900 in The Leto Construction Company began work on a $12,000 contract on 1/1/19. Planned completion was in 2021. The Percentage of Completion method is used. Given the following: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2019 $2,500 7,500 4,000 3,800 Select one: O a $(150) Ob $150 OC $450 O d. $(450) December 31 2020 $4,200 6,300 5,100 5,000 The Gross Profit or (loss) recognized in 2021 is: 2021 $11,500 0 12.000 11,900

Answer rating: 100% (QA)

Answer 100 Explanation 2019 2022 2021 Cost incurred to date A 2500 4200 11500 Estimated cost ... View the full answer