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In 2013, Long Construction Corporation began construction work under a three year contract. The contract price is $1,600,000. Long uses the percentage of completion method for financial reporting purposes. The financial statement presentation relating to this contract at December 31, 2013, is as follows:
Balance SheetAccounts receivable (from construction progress billings)..........$30,000Construction in progress .........$100,000Less: Billings on construction contract .. (94,000)Cost of uncompleted contracts in excess of billings............6,000Income StatementIncome (before tax) on the contract recognized in 2013.........$20,000
Required:1. What was the cost of construction actually incurred in 2013?2. How much cash was collected in 2013 on this contract?3. What was the estimated cost to complete as of the end of 2013?4. What was the estimated percentage of completion used to calculate income in 2013?
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