Question 29 (8 points) (Show all calculations)In 2013, Thomas Jefferson contracted to build an airpl

Question 29 (8 points) (Show all calculations)In 2013, Thomas Jefferson contracted to build an airplane for $12,000,000. Data relating to the contract are as follows:($ in thousands)2013 2014Costs incurred during the year…………………………… $2,000 $6,000Estimated costs to complete as of year-end……………. 6,000 -Billings during the year …………………………………… 6,000 6,000Cash collections during the year…………………………. 5,000 7,000Determine the gross profit that Thomas Jefferson should recognize in both 2013 and 2014 using the percentage-of-completion method.

 

Looking for a Similar Assignment? Let us take care of your classwork while you enjoy your free time! All papers are written from scratch and are 100% Original. Try us today! Use Code FREE15