In spring 2015 parmac engineering company signed a 1000000, Ask an Expert

Accounting

In spring 2015, Parmac Engineering Company signed a $1,000,000 contract with the city of Parkersburg, to construct a new city hall.

Parmac expects to construct the building within two years and incur expenses of $600,000.

Using the percentage-of-completion method how much revenue should Parmac recognize in 2015?

Construction costs incurred during the year $174,000

Estimated costs to complete the contract $426,000

Total costs $600,000

Total contract price $1,000,000

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92022801

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