How much should Turner report as their balance

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Question - Turner Construction entered into a long term fixed price contract to construct a convention center for $10,700,000.  In year 1 of the? contract, Turner incurred? $3,000,000 of cost.? Turner's engineers determined that it will take an additional? $5,000,000 to finish the project. During the first? year, Turner billed to the customer $4,000,000 and collected $3,100,000 by the end of the year. How much should Turner report as their balance of Accounts Receivable at the end of year? 1? Assume that Turner uses the completed-contract method.

Reference no: EM132951815

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