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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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