(Answered) Question - syl company during 1993total contract price

Accounting

Question - Syl Company during 1993:

Total contract price $100,000

Actual costs during 1993 20,000

Estimated remaining costs 40,000

Billed to customer during 1993 30,000

Received from customer during 1993 10,000

Under the completed contract method, how much should Syl recognize as gross profit for 1993?

a. $0

b. $4,000

c. $10,000

d. $12,000

Under the percentage-of completion method, how much should Syl recognize as gross profit for 1993?

a. $0

b. $13,333

c. $26,667

d. $33,333

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