The Leto Construction Company began work on a $12.000 contract on 1/1/20. Planned completion was in 2022. The Percentage-of Completionmethod a usedGiven the followingDecember 312021$4.2006,3005,1006,00020202022$11,650$2,500Costs incumed to duteEsbinated costs to compieteBitingu to dateCollections to date7,6004.0003,80012,00011,900The 12/31/21 belance of Construction in Progress isSelect oneO. $4300Ob S5040O $5.000Od $4200O $4800

Construction in progress is equal to the contract value multiplied by the percentage of completion.…

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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