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How much cash was collected on this contract

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Reference no: EM132800184

Problem - In 2020, Conner Inc. began a three year construction contract for $3,500. Conner uses the percentage-of-completion method. How much cash was collected in 2020 on this contract?

The financial statement presentation relating to this contract for calendar 2020 follow:

Statement of Financial Position

Current assets:

Accounts receivable $150

Contract asset liability 105 (Contract costs $425 less Billings of $320)

Income Statement

Income (before tax) on the contract recognized in 2020 $105

Reference no: EM132800184

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