Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 08 May 2018 My Price 4.00

Windsor Construction Company

(TCO A) Windsor Construction Company uses the percentage-of-completion method of accounting. In 2016, Windsor began work on a contract it had received which provided for a contract price of $3,000,000. Other details follow for 2016:

Costs incurred during the year $1,400,000

Estimated costs to complete as of December 31 2016, $600,000

Billings during the year $1,000,000

Collections during the year $900,000

What should be the gross profit recognized in 2016?

(Points : 5)      

        $700,000
       $1,000,000
       $1,400,000
       $2,100,000

Answers

Maurice Tutor
(5)
Status NEW Posted 08 May 2018 06:05 PM My Price 4.00

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