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Gunner construction has consistantly used the percentage-of-completion method of recognizing revenue. During 2014, Gunner started work on a $2,500,000 fixed-price construction contract. The accounting records disclosed the following data for the year ended 12/31/14: Costs incurred=$465,000 / Estimated cost to complete=$2,085,000 / Progress billings=$550,000 / Collections=$350,000. How much loss should Gunner have recognized in 2014?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9991070

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