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faisy
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Joined: 08 May 2010
Location: Australia
Online Status: Offline
Posts: 23

Posted: 07 May 2012 at 08:27 \| IP Logged

we can have one more simple way of calculation.

Under US GAAP completed contract method

Full Contract Price $600k

FUll Contract Cost $480k

Gross profit $120k

Under Completed contract method, $120k should be the last portion of recovery & that should be Yr2.

thanks

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