15. ABC Co. started work on two separate projects during 20x1. Information on these projects is shown below: Project A B Contract price 9,000,000 8,000,000 Costs incurred 4,000,000 5,000,000 Estimated costs to complete 4,000,000 Progress billings 5,000,000 8,000,000

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter12: Balanced Scorecard And Other Performance Measures
Section: Chapter Questions
Problem 11MC: Dixon Construction Materials has collected this information: Based on this Information, what is the...
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What amount is presented as ABC Co's statement of financial position as contract liability?

15. ABC Co. started work on two separate projects during 20x1. Information on these
projects is shown below:
Project
A
B
Contract
price
9,000,000
8,000,000
Costs incurred
4,000,000
5,000,000
Estimated costs
to complete
4,000,000
Progress
billings
5,000,000
8,000,000
Transcribed Image Text:15. ABC Co. started work on two separate projects during 20x1. Information on these projects is shown below: Project A B Contract price 9,000,000 8,000,000 Costs incurred 4,000,000 5,000,000 Estimated costs to complete 4,000,000 Progress billings 5,000,000 8,000,000
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