WW Guy Contractors began a contract to build a new student union on the UNF campus for
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Question:
WW Guy Contractors began a contract to build a new student union on the UNF campus for $400,000. Project to be completed by Year 3. Costs projected to be $300,000. Additional information concerning the project follows:
Year 1 | Year 2 | ||
Percentage of work completed | 50% | 75% | |
Costs incurred during the year | $150,000 | $75,000 | |
Progress billings during the year | 85,000 | 180,000 | |
Cash collected during the year | 65,000 | 175,000 |
For Year 2, how much revenue will be recorded if the company, a privately owned company, uses the cost to cost method for revenue recognition?
$ 75,000
$ 175,000
$ 100,000
$ 180,000
$ 300,000
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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