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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
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