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Alpha Great Construction was the best selection to build the Stoddard Temple for the amount of $2,500,000. The project broke ground in 2010 and was...

This question was answered on Jan 11, 2013. View the Answer
Alpha Great Construction was the best selection to build the Stoddard Temple for the amount of $2,500,000. The project broke ground in 2010 and was then completed in 2011. Below the cost and other data are shown below:
Year 2010 2011
Cost incurred during the year $555000 1200000
Estimated cost to complete $1500000 0
Billling during the year $450000 1500000
Cash collections during the year $350000 1400000

Alpha Great Construction is using the percentage of completion method to recognize revenue:

Compute the amount of gross profit recognized in 2010 and 2011
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Alpha Great Construction was the best selection to build the Stoddard Temple for the amount of $2,500,000. The project broke ground in 2010 and was then completed in
2011. Below the cost and other...

This question was asked on Jan 08, 2013 and answered on Jan 11, 2013.

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