Monroe construction company uses the, Accounting Basics

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Monroe construction company uses the

Problem

Monroe Construction Company uses the percentage-of-completion method of accounting. In 2013, Monroe began work on a contract it had received which provided for a contract price of $20,000,000. Other details follow: 2013 Costs incurred during the year: $9,600,000 Estimated costs to complete as of December 31: $6,400,000 Billings during the year: $8,800,000 Collections during the year: $5,200,000. What should be the gross profit recognized in 2013?

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Accounting Basics: Monroe construction company uses the

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Accounting Basics: Monroe construction company uses the

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