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 December 31 2021 $4.200 6,300 6,100 6,000 2022 $11,600 Costs incured to de Estinated costs to complete ing to date Collections to date $2,500 7,600 4,000 3,800 12,000 11,900 The 12/31/21 balance of Construction in Progress is
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 December 31 2021 $4.200 6,300 6,100 6,000 2022 $11,600 Costs incured to de Estinated costs to complete ing to date Collections to date $2,500 7,600 4,000 3,800 12,000 11,900 The 12/31/21 balance of Construction in Progress is
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 26E
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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 a used
Given the following
December 31
2021
$4.200
6,300
5,100
6,000
2020
2022
$11,650
$2,500
Costs incumed to dute
Esbinated costs to compiete
Bitingu to date
Collections to date
7,600
4.000
3,800
12,000
11,900
The 12/31/21 belance of Construction in Progress is
Select one
O. $4300
Ob S5040
O $5.000
Od $4200
O $4800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F30e82296-4fd9-4bc6-bcfd-fd7607543f23%2F92109e32-7d9c-4b22-826c-4f6be5d67afc%2Fysea3cb_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 a used
Given the following
December 31
2021
$4.200
6,300
5,100
6,000
2020
2022
$11,650
$2,500
Costs incumed to dute
Esbinated costs to compiete
Bitingu to date
Collections to date
7,600
4.000
3,800
12,000
11,900
The 12/31/21 belance of Construction in Progress is
Select one
O. $4300
Ob S5040
O $5.000
Od $4200
O $4800
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