Solution-What amount should eaton recognize as gross profit

What amount should eaton recognize as gross profit

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Question - During 2008, Eaton Corp. started a construction job with a total contract price of $3,500,000. The job was completed on December 15, 2009. Additional data are as follows:

2009 2008

Actual costs incurred $1,350,000 $1,525,000

Estimated remaining costs 1,350,000 -

Billed to customer 1,200,000 2,300,000

Received from customer 1,000,000 12,400,000

Under the completed-contract method, what amount should Eaton recognize as gross profit for 2009?

Reference no: EM132034169

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What amount should eaton recognize as gross profit

Reference no: EM132034169

Reference no: EM132034169

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