Poc company accounts for a long-term construction contract

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POC company accounts for a long-term construction contract using percentage - of - completion method . As of the end of the current fiscal year, the following information was available regarding a project expected to be completed in the following year:

Cumulative progress billings: $400,000

Cumulative Costs Incurred: 300,000

Cumulative Gross Profit Recognized: 80,000

The difference between construction in progress and progress billings should be reported in the statement of financial position for the current year as.

Reference no: EM13567022

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