Question
For the next five questions (questions 36-40), consider the following information: Accounts receivable, 12/31/2018 (from construction progress billings)$37.5Actual construction costs incurred in 2018$135Cash collected on
For the next five questions (questions 36-40), consider the following information:
Accounts receivable, 12/31/2018 (from construction progress billings)$37.5Actual construction costs incurred in 2018$135Cash collected on project during 2018$105Construction in progress, 12/31/2018 $207Estimated percentage of completion during 2018 60%
In 2018, Cupid Construction Co. (CCC) began work on a two-year fixed price contract project. CCC recognizes revenue over time according to percentage of completion for this contract, and provides the following information (dollars in millions):What is the amount of gross profit on the project recognized by CCC during 2018?
a.$160 million
b.$48 million
c.$72 million
d.Cannot be determined from the given information.
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Taxation Of Individuals And Business Entities 2015
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
6th Edition
978-1259206955, 1259206955, 77862368, 978-0077862367
