Accounts receivable—construction contract billings $100,000
Construction in progress $300,000
Less contract billings 240,000
Costs and recognized profit in excess of billings 60,000
Income (before tax) on the contract recognized in 2007 $60,000
23. How much cash was collected in 2007 on this contract?
24. What was the initial estimated total income before tax on this contract?
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