18-15 ^S24. Which of the following is not an accurate representation concerning revenue recognition?

18-16 32. The percentage-of-completion method must be used when certain conditions exist. Which of the following is not one of those necessary conditions?

18-17 66. At December 31, 2xx1, Seasons Construction estimates that it is xx% complete with the building; however, the estimate of total costs to be incurred has risen to $xxxx,000 due to unanticipated price increases. What is the total amount of Construction Expenses that Seasons will recognize for the year ended December 31, 2xx1?

18-18 85. Hiser Builders, Inc. is using the completed-contract method for a $5,600,000 contract that will take two years to complete. Data at December 31, 2xx1, the end of the first year, are as follows:

Costs incurred to date $xxxx,000

Estimated costs to complete xxxx,000

Billings to date xxxx,000

Collections to date xxxx,000

The gross profit or loss that should be recognized for 2xx1 is