Pina Construction Company uses the percentage-of-completion method of accounting. In 2020, Pina began work under contract #E2- D2, which provided for a contract price of $2,219,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 2020 $620,490 970,510 428,000 350,000 2021 $1,429,000 -0- 2,219,000 1,471,000
Pina Construction Company uses the percentage-of-completion method of accounting. In 2020, Pina began work under contract #E2- D2, which provided for a contract price of $2,219,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 2020 $620,490 970,510 428,000 350,000 2021 $1,429,000 -0- 2,219,000 1,471,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 9MC
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