The Leto Construction Company began work on a $12,000 contract on 1/1/20. Planned completion was in 2022. The Percentage-of Completionmethod is used.Given the following:2020$2,5007,5004,0003,800December 312021$4,2006,3005,1005,0002022$11,650Costs incurred to dateEstimatod costs to completeBillings to dateCollections to dato12,00011,900The 12/31/20 balance of Construction Progress is:Select one:O a.$3,000O b. $3,166O c.$3,625O d. $4,500e.$2500

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The Leto Construction Company began work on a $12.000 contract on 1/1/20. Planned completion was in 2022. The Percentage-of Completion method is used. Given the following 2020 $2,500 7,500 4,000 3,800 December 31 2021 $4,200 6,300 5,100 5,000 2022 $11,550 Costs incurred to date Estimatod costs to complete Billings to date Collections to dato 12,000 11,900 The 12/31/20 balance of Construction Progress is: Select one: O a. $3,000 O b. $3,166 $3,625 O d. $4,500 e. $2.500

The Leto Construction Company began work on a $12.000 contract on 1/1/20. Planned completion was in 2022. The Percentage-of Completion method is used. Given the following 2020 $2,500 7,500 4,000 3,800 December 31 2021 $4,200 6,300 5,100 5,000 2022 $11,550 Costs incurred to date Estimatod costs to complete Billings to date Collections to dato 12,000 11,900 The 12/31/20 balance of Construction Progress is: Select one: O a. $3,000 O b. $3,166 $3,625 O d. $4,500 e. $2.500

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 25E: Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and...

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