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Levels Tought:
Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 402 Weeks Ago, 6 Days Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
enner Builders contracted to build a high-rise for $14,000,000. Construction began in 2010 and is expected to be completed in 2013. Data for 2010 and 2011 are: 2010 2011 Costs incurred to date $1,800,000 $5,200,000 Estimated costs to complete 7,200,000 4,800,000 Penner uses the percentage-of-completion method. Instructions (a) How much gross profit should be reported for 2010? Show your computation. (b) How much gross profit should be reported for 2011? (c) Make the journal entry to record the revenue and gross profit for 2011.
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