In 2025, Crane Construction Corp. began construction work under a 5-year contract. The contract price...

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Accounting

In $2025,$ Crane Construction Corp. began construction work under a $5 -$ year contract. The contract price was $ $2, 525, 000 .$ Crane uses the percentage $-$ of $-$ completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December $31, 2025,$ follow.

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How much cash was collected in $2025$ on this contract?

Portion of billings collected

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To determine how much cash was collected in 2025 on the contract we can use the information provided in the balance sheet and income statement Given Information Accounts Receivable 133000 Construction in Process 657000 Billings 228000 Income Recognized in 2025 190530 See Answer

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In 2025, Crane Construction Corp. began construction work under a 5-year contract. The contract price...

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Accounting

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