Business, 20.04.2020 23:20 Briannadavis03
Cooper Construction Company had a contract starting April 2021, to construct a $24,000,000 building that is expected to be completed in September 2023, at an estimated cost of $22,000,000. At the end of 2021, the costs to date were $10,120,000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $4,800,000 and the cash collected during 2021 was 3,200,000. Cooper uses the percentage-of-completion method.
For the year ended December 31, 2021, Cooper would recognize gross profit on the building of:
a) $843,333
b) $920,000
c) $1,080,000
d) $0
Answers: 3
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Cooper Construction Company had a contract starting April 2021, to construct a $24,000,000 building...
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