Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below:
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Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below:
Bid price | $ | 450,000 | ||
Contract cost: | 2020 | (180,000 | ) | |
2021 | (195,000 | ) | ||
Gross profit: | 75,000 | |||
Estimated cost to complete:
12/31/2020 | $ | 200,000 | |
12/31/2021 | 0 | ||
Assuming BCC recognizes revenue over time according to the percentage of completion for this contract, Find the gross profit recognized in 2021. (rounded to the nearest thousand):
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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