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At the beginning of 2013, the Bilwell Construction firm received a contract to build an office building for 510 million. Bilwell will construct the...

At the begning of 2013 ... The Bilwell Construction firm received a contract to build an office building for $10 million.

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At the beginning of 2013, the Bilwell Construction firm received a contract to build an office building for
510 million. Bilwell will construct the building according to specifications provided by the buyer, and the
project is estimated to take three years to complete. According to the contract, Bilwell will bill the buyer in
installments over the construction period according to a prearranged schedule. Information related to the
contract is as follows: 2013 2014 2015 Cost incurred during the year 52,300,000 83,600,000 82,100,000 Estimated costs to complete 5,300,000 2,000,000 0 Billings during the year 1,700,000 4,000,000 4,300,000 Cash collections during the year 1,600,000 3,600,000 4,300,000 Calculate the following: Percentage of completion Completed contract
Gross profit recognized: Method Method 2013 Total gross profit

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Year % Completion Completed Contract 2013... View the full answer

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