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

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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
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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