Business, 22.12.2020 17:50 littlemrslazy

Santa Monica Construction Corp. singed a contract with USC to build a library in 2014. The company uses percentage of completion method to account for such contracts. The construction is expected to be finished in 2016. The contract price is $100 million. Information for 2014 is as follows: Costs incurred during the year $30.0 million Future costs to be incurred to complete $40.0 million Progress billings to USC $45.0 million Cash collected from USC $34.0 million How much is the gross amount of construction in progress that San Diego Construction has on its balance sheet at the end of year 2014

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Santa Monica Construction Corp. singed a contract with USC to build a library in 2014. The company u...

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