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In 2010 dreyer corporation began construction work under a

In 2010, Dreyer Corporation began construction work under a three year contract. The contract price is $800,000. Dreyer uses the percentage of completion method. The financial statement presentations relating to this contract on December 31, 2010 follow:

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Required:
1. How much cash did Dreyer collect during 2010?
2. What was the initial estimated total income before tax on this contract?

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Accounting Basics: In 2010 dreyer corporation began construction work under a

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Accounting Basics: In 2010 dreyer corporation began construction work under a

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