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Compute revenues, expenses, and income

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Problem - Percentage of Completion Method Overhearing Corp. has a $130,000 signed contract to build a boat. Total estimated costs to complete the project are $117,000. The construction company incurred the following costs during the project: $46,300 in 2020; $11,200 in 2021; and $58,500 in 2022. Compute revenues, expenses, and income (gross pro?t) for each year 2020 through 2022 using the percentage-of- completion method. Be sure to show all work and computations for possible partial credit.

Reference no: EM132884730

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