Question: QUESTION 7 0.25 points Save Omar Company signed a contracted project of $2,500,00 to provide a customer with internet infrastructure, a project began in 2016

QUESTION 7 0.25 points Save Omar Company signed a contracted project of $2,500,00 to provide a customer with internet infrastructure, a project began in 2016 and was completed in 2017, Data related to the contracted are summarized below. 2016 2017 Cost incurred during the year 375,00 0 1,968,750 Estimated costs to complete as of 31/12 1,500,00 0 -0-- Billing during year 475,00 2,025,000 Cash collection during the year 312,50 0 2,187,500 0 Compute the amount of gross profit to be recognized in 2016 and 2017 using the percentage of completion method. Then answer the following questions. How much is the gross profit recognized currently in 2016? QUESTION 8 0.5 points Save An Omar Company signed a contracted project of $2,500,00 to provide a customer Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Window Save and Subs 2

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