Company recognizing gross profit

Assignment Help Accounting Basics

Reference no: EM13137937

Total contract price: $100,000
Actual costs during 1993: $20,000
Estimated remaining costs: $40,000
Billed to customer during 1993: $30,000
Received from customer during 1993: $10,000

Under the completed contract method, how much should the company recognize as gross profit for 1993?

a. 0
b. 4000
c. 10000
d. 12000

Reference no: EM13137937

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