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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
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): Accounts receivable, 12/31/2018 (from construction progress billings) $37.5 Actual construction costs incurred in 2018 Cash collected on project during 2018 Construction in progress, 12/31/2018 Estimated percentage of completion during 2018 S 135 $ 105 $ 207 60% What are CCC's estimated remaining construction costs on the project at the end of 2018? $90 million. $135 million. x $225 million $0
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