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Acme Road Repair contracted with one of their clients to provide miscellaneous road repairs for $75,000, Acme has incurred $20,000 of costs to date, $15,000 of which relate to the current accounting period. The company estimates actual costs for the project to be $40,000. In prior periods, Acme recognized revenue of $9.375 related to this project. The company should recognize how much revenue in the current accounting period if Acme recognizes revenues using the Percentage of Completion method?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9965370

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