Question
Casio Co. recognizes construction revenue and expenses using the percentage-of-completion method. During 2016, a single long-term project was begun, which continued through 2018. Information on
Casio Co. recognizes construction revenue and expenses using the percentage-of-completion method. During 2016, a single long-term project was begun, which continued through 2018. Information on the project follows:
2016 2017
12/31 accounts receivable balance $100,000 $300,000
construction expenses for the year 105,000 192,000
12/31 CIP balance 122,000 364,000
billings during the year 100,000 420,000
Profit recognized from the long-term construction contract in 2017 was?
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