Platypus building inc won a bid for a new office building, Ask an Expert

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Platypus Building Inc. won a bid for a new office building contract. Below is info from the project accountant: Total Construction Fixed Price $8,000,000 Construction Start Date March 3, 2012 Construction Complete Date December 4, 2013 As of Dec 31... 2012 2013 Actual cost incurred $2,500,000 $3,150,000 Estimated remaining costs $3,750,000 $- Billed to customer $2,400,000 $5,300,000 Received from customer $2,250,000 $5,400,000 Assuming Platypus Building Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9795720

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