Answered Essay: The Leverenz Construction Company began work on a $12,000 contract on 1/1/15. Planned completi

please help with accounting queation. The correct answer is marked. Please show work to the correct answer.

Question 15 The Leverenz Construction Company began work on a $12,000 contract on 1/1/15. Planned completion was in 2017. The Percentage-of-Completion method is used Given the following 2015 $1,520 6,080 3,000 2,900 2016 2017 S6,500$12,700 Costs incurred to date Estimated costs to complete Billings to date Collections to date 6,000 5,800 5,500 11,000 10,000 2016 Net Income (Loss) is Select one a. $(500) b. $1,408 c. S(260) d. $380 e. $(1,380) Feedback The correct answer is: S(1,380)

The Leverenz Construction Company began work on a $12,000 contract on 1/1/15. Planned completion was in 2017. The Percentage-of-Completion method is used. Given the following: 2016 Net Income (Loss) is: a. $(500) b. $1,408 c. $(260) d. $380 e. $(1,380) The correct answer is: $(1,380)

Expert Answer

 

cost incurred
6500
Est. cost to complete 6000
total cost 12500
gross profit -500
percentage completed 52
6500*52% 3380
Less:
2000
1380
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