Quiz chap18 - Quiz Chapter 18 Accounting 3312 Spring 2011...

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Quiz Chapter 18 Accounting 3312 Spring 2011 Name: __________________________ Dobson Construction specializes in the construction of commercial and industrial buildings. The contractor is experienced in bidding long-term construction projects of this type, with the typical project lasting fifteen to twenty-four months. The contractor uses the percentage-of-completion method of revenue recognition since, given the characteristics of the contractor’s business and contracts, it is the most appropriate method. Progress toward completion is measured on a cost to cost basis. Dobson began work on a lump-sum contract at the beginning of 2011. As bid, the statistics were as follows: Lump-sum price (contract price) 5,000,000 $ Estimated costs Labor 700,000 $ Materials and subcontractor 1,900,000 Indirect costs 700,000 3,300,000 1,700,000 $ Billings to date 2,550,000 $ Costs incurred to date Labor 350,000 $ Materials and subcontractor 1,047,000 Indirect costs 203,000 1,600,000 Latest forecast total cost
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This note was uploaded on 03/27/2012 for the course ACCT 3312 taught by Professor Staff during the Spring '08 term at Texas A&M University, Corpus Christi.

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Quiz chap18 - Quiz Chapter 18 Accounting 3312 Spring 2011...

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