CourseLover

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Teaching Since: May 2017
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  • MCS,MBA(IT), Pursuing PHD
    Devry University
    Sep-2004 - Aug-2010

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  • Assistant Financial Analyst
    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Accounting Posted 12 Dec 2017 My Price 10.00

percentage-of-completion method

 Reed Construction Ltd. (RCL) uses the percentage-of-completion method on its long-term construction contracts. In Year 16, RCL agreed to construct an apartment building for a contract price of $250 million. The job was completed in Year 18 with the following information:

(in millions)                        Year 16              Year 17                 Year 18

Costs incurred to date            $80                 $165                    $240

Estimated costs to complete $150               $70                      $0

Billings to date                         $90                 $180                    $250

Collections during the year   $80                 $95                       $75

What amount of the total contract price would be recognized as revenue in Year 17?

Answers

CourseLover
(12)
Status NEW Posted 12 Dec 2017 06:12 AM My Price 10.00

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