Question: Liam Ltd. Began work in Y7 on a contract for $960,000. Other details follow: Costs incurred during the year Estimated costs to complete as

Liam Ltd. Began work in Y7 on a contract for $960,000. Other

details follow: Costs incurred during the year Estimated costs to complete as

Liam Ltd. Began work in Y7 on a contract for $960,000. Other details follow: Costs incurred during the year Estimated costs to complete as of December 31 Billings during the year Collections during the year Y7 Y8 $490,000 $160,000 480,000 180,000 720,000 150,000 975,000 0

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