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In 2011, Aldous Corp

Question 18

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In 2011, Aldous Corp. began construction work under a three-year contract. The contract price is $800,000. Aldous used the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial presentations relating to this contract at December 31, 2011, appear below.
In 2011, Aldous Corp. began construction work under a three-year contract. The contract price is $800,000. Aldous used the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial presentations relating to this contract at December 31, 2011, appear below. How much cash was collected in 2011 on this contract? A) $32,000 B) $35,000 C) $47,000 D) $50,000
How much cash was collected in 2011 on this contract?


A) $32,000
B) $35,000
C) $47,000
D) $50,000

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