In 2011, Huxley Corp. began construction work under a three-year contract. The contract price is $800,000. Huxley used the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial presentations relating to this contract at December 31, 2014, appear below. Balance Sheet Accounts receivable--construction contract billings $15,000 Construction in progress $50,000 Less contract billings (47,000) Cost of uncompleted contract in excess of billings 3,000 Income Statement Income (before tax) on the contract recognized in year 1 $10,000 How much cash was collected in 2014 on this contract?
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In 2011, Huxley Corp. began construction work under a three-year contract. The contract price is $80...
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