Zorzi b egan work on a $420 000 construction contract in 2017. During 2017 Zorzi incurred costs of $278,000, billed its customer for $215.000, ancd collected $175,000. At December 31, 2017, the estimated additional costs to complete the project total $162,000, Prepare Zorz's Jourmal entry to record profit or loss using the Completed Contract Method O Loss from Long Term Contracts $20,000 Comsitruction in Process $20,000 O Income from Long Term Contracts Construction in Process $20 000 $20,000 O Loss from Long Term Cortracts Consitruction in Process Gain from Long Tem Contracts Construction in Process $40,000 $40,000 $40.000 $40.000

Zorzi b egan work on a $420 000 construction contract in 2017. During 2017 Zorzi incurred costs of $278,000, billed its customer for $215.000, ancd collected $175,000. At December 31, 2017, the estimated additional costs to complete the project total $162,000, Prepare Zorz's Jourmal entry to record profit or loss using the Completed Contract Method O Loss from Long Term Contracts $20,000 Comsitruction in Process $20,000 O Income from Long Term Contracts Construction in Process $20 000 $20,000 O Loss from Long Term Cortracts Consitruction in Process Gain from Long Tem Contracts Construction in Process $40,000 $40,000 $40.000 $40.000

Name: Zorzi b egan work on a $420 000 construction contract in 2017. During
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Description: Zorzi b egan work on a $420 000 construction contract in 2017. During 2017 Zorzi incurred costs of S278,000, billed its customer for$215.000, ancd collected $175,000. At December 31, 2017, the estimated additional costs to complete the project total

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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