Business, 05.05.2020 21:30, hailey2910

Pharoah Constructors, Inc. has consistently used the percentage-of-completion method of recognizing income. In 2021, Pharoah started work on a $54880000 construction contract that was completed in 2022. The following information was taken from Pharoah's 2021 accounting records: Progress billings $17248000 Costs incurred 16464000 Collections 10752000 Estimated costs to complete 32928000 What amount of gross profit should Pharoah have recognized in 2021 on this contract

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Pharoah Constructors, Inc. has consistently used the percentage-of-completion method of recognizing...