Oriole Corporation uses the percentage-of-completion method. At the end of the first year of a $9016000 contract, the following information is available: Costs to date: Estimated costs to complete Progress billings during the year Cash collected during the year $2014250 O $959000 O $719250 O $239750 O $269000 6042750 1814000 1545000 In the first year, Oriole should recognize gross profit of (Do not round intermediate calculations.)

Oriole Corporation uses the percentage-of-completion method. At the end of the first year of a $9016000 contract, the following information is available: Costs to date: Estimated costs to complete Progress billings during the year Cash collected during the year $2014250 O $959000 O $719250 O $239750 O $269000 6042750 1814000 1545000 In the first year, Oriole should recognize gross profit of (Do not round intermediate calculations.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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