Jot construction company uses the percentage-of-completion

Assignment Help Accounting Basics

Reference no: EM13600085

Jot Construction Company uses the percentage-of-completion method of accounting. In 2013, Jot began work on a contract it had received which provided for a contract price of $6,000,000. Additional information related to the project includes: costs incurred during the year were $2,100,000; estimated costs to complete as of December 31, 2013 were $1,400,000; billings during the year were $3,600,000; collections during the year totaled $3,000,000. What amount should Jot recognize as gross profit for the project in 2013?

Reference no: EM13600085

Questions Cloud

Miller company appropriately uses the installment method of : miller company appropriately uses the installment method of accounting to recognize income in its financial statements.

Company is considering a modification to one of its main : company is considering a modification to one of its main products that would make it more attractive to customers. as a

Arbitron media research inc conducted a study of the ipod : arbitron media research inc. conducted a study of the ipod listening habits of men and women. one facet of the study

What are some accounts that are valued in this manner : explain the concepts of present value and future value of money. what are some accounts that are valued in this manner?

Jot construction company uses the percentage-of-completion : jot construction company uses the percentage-of-completion method of accounting. in 2013 jot began work on a contract

X company estimates that 1100 direct labor hours will be : direct materials 64900direct labor 17600factory supplies 20000factory supervision 31400research and development

You have been assigned the task of testing the accuracy of : you have been assigned the task of testing the accuracy of the final inventory compilation for mt. hood furniture. you

As of december 31 2010 all jobs were finished but there : as of december 31 2010 all jobs were finished but there were four jobs that were not sold. costs incurred on these four

Donovan has a research and development activity in process : on may 1 donovan company reported the following account balances current assets 90000 buildings

User Account

All Pages