Spring 2016 Midterm Exam

Jeeves construction company was the low bidder on a

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24. Jeeves Construction Company was the low bidder on a construction project to build an earthen dam for $1,820,000. The project was begun in 2015 and completed in 2016. Cost and other data are presented below: 2015 2016 Costs incurred during the year $518,000 $1,120,000 Estimated costs to complete $962,000 0 Billings during the year 410,000 1,410,000 Cash collections during the year 310,000 1,510,000 Assume that Jeeves recognizes revenue on this contract over time according to percentage of completion. How would this construction project appear in Jeeves’ balance sheet at the end of 2015?
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