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(a) Contract billings to date $61,500
Less accounts receivable 12/31/04 21,500
Portion of contract billings collected $40,000
| (b) | $18,200 | = 28% |
| $65,000 |
(The ratio of gross profit to revenue recognized in 2004.)
$1,000,000 X .28 = $280,000
(The initial estimated total gross profit before tax on the contract.)
le='tab-stops:30.0pt 60.0pt right dotted 318.0pt blank 405.0pt 504.0pt'> Sales Revenue—Texts*................................. 80,000 Allowance for Returns................................... 1,920,000
Accounts Receivable..................................... 16,000,000
*A debit to either Sales Revenue—Texts or Sales Returns could be made here.
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