Monroe Construction Company uses the percentage of completion method of accounting. In 2013, Monroe began...
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Monroe Construction Company uses the percentage of completion method of accounting. In 2013, Monroe began work on a contract he had received that stipulated a contract price of $20,000,000.
Other details follow:
2013
Costs incurred during the year $9,600,000
Estimated costs to finish December 31 $6,400,000
Billings during the year $8,800,000
Collections during the year $5,200,000
What should be the gross profit recognized in 2013?
Monroe Construction Company uses the percentage of completion method of accounting. In 2013, Monroe began work on a contract he had received that stipulated a contract price of $20,000,000.
Other details follow:
2013
Costs incurred during the year $9,600,000
Estimated costs to finish December 31 $6,400,000
Billings during the year $8,800,000
Collections during the year $5,200,000
What should be the gross profit recognized in 2013?
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