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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?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9977662

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