Given the Following Data for a Firm Which Uses the Percentage

question 95

Essay

Given the following data for a firm which uses the percentage of completion method on long-term construction contracts, determine the ending balance of the account which is the net of Construction in Process, and Billings on Contracts, at the end of Year 1, the first year of this project. $\begin{array} { | l | l | } \hline \text { Costs incurred } & \$ 20,000 \\\hline \text { Billings } & 26,000 \\\hline \text { Cash collected } & 15,000 \\\hline \text { Estimated remaining cost to complete, as of 12-31-2001 } & 30,000 \\\hline \text { Contract price } & 60,000 \\\hline\end{array}$

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