Calculation Of Profit Using Completed Contract Method
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Question
Kiner, Inc. began work in 2012 on a contract for $12,600,000. Other data are as follows:
|
|
2012 |
2013 |
|
Costs incurred to date |
$5,400,000 |
$8,400,000 |
|
Estimated costs to complete |
3,600,000 |
|
|
|
|
|
|
Billings to date |
4,200,000 |
12,600,000 |
|
Collections to date |
3,000,000 |
10,800,000 |
Kiner, Inc. began work in 2012 on a contract for $12,600,000. Other data are as follows:
If Kiner uses the completed-contract method, the gross profit to be recognized in 2013 is
a. $2,040,000.
b. $4,200,000.
c. $2,100,000.
d. $8,400,000.
Summary
The question belongs to Accounting and it discusses about calculation of profit using completed contract method.
Total Word Count 17
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