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Find The gross profit that OCCC should recognize is

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Reference no: EM132512348

In 2006, Office Complex Construction Company (OCCC) started work on a contract with a price of $750,000. OCCC uses the percentage-of-completion method of accounting.

The following are the other details about the contract for the year 2006:

Costs incurred during the year                                                     $300,000

As of December 31, estimated costs to complete the project            400,000

Billings during the year                                                                  330,000

Cash collections during the year                                                        200,000

Question1 : The gross profit that OCCC should recognize in 2006 is:

Reference no: EM132512348

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