The Leverenz Construction Company began work on a $12,000 contract on 1/1/22. Planned completion was in...

Transcribed Image Text:

The Leverenz Construction Company began work on a $12,000 contract on 1/1/22. Planned completion was in 2024. The Percentage-of-Completion method is used. Given the following: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2023 Net Income (Loss) is: Select one: a $(500) $1,408 O b. OC $(260) Od $380 O $(1,380) 2022 $1,520 6,000 3,000 2,900 2023 $6,500 6,000 5,800 5,500 2024 $12,700 0 11,000 10,000 The Leverenz Construction Company began work on a $12,000 contract on 1/1/22. Planned completion was in 2024. The Percentage-of-Completion method is used. Given the following: Costs incurred to date Estimated costs to complete Billings to date Collections to date 2023 Net Income (Loss) is: Select one: a $(500) $1,408 O b. OC $(260) Od $380 O $(1,380) 2022 $1,520 6,000 3,000 2,900 2023 $6,500 6,000 5,800 5,500 2024 $12,700 0 11,000 10,000

Answer rating: 100% (QA)

Answer Solution In 2023 i Total cos... View the full answer