Question
Assuming BCC uses the percentage-of-completion method of recognition the gross profit recognized in 2013 would be (rounded to the nearest thousand): $42,000. $6,000. $45,000. $39,000.
Assuming BCC uses the percentage-of-completion method of recognition the gross profit recognized in 2013 would be (rounded to the nearest thousand):
$42,000.
$6,000.
$45,000.
$39,000.
Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2013, are presented below:
| Bid price | $450,000 | ||
| Contract cost: | 2012 | (180,000) | |
| 2013 | (195,000) | ||
| Gross profit: | 75,000 | ||
| Estimated cost to complete: | |||
| 12/31/2012 | $200,000 | ||
| 12/31/2013 | 0 |
Assuming BCC uses the percentage-of-completion method of recognition the gross profit recognized in 2013 would be (rounded to the nearest thousand): $42,000. $6,000. $45,000. $39,000. Assuming BCC uses the percentage-of-completion method of recognition the gross profit recognized in 2013 would be (rounded to the nearest thousand): $42,000. $6,000. $45,000. $39,000. | |
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Accounting The Ultimate Guide To Accounting Principles
Authors: Greg Shields
1st Edition
1722964839, 978-1722964832
