In accounting for long-term construction-type contract the difference between Billings and Construction in Progressie Select one O Recognized on the balance sheet as a net asset or liability b. Subtracted from Gross Profit Recognized Added to Gross Profit Recognised O d. Not disclosed as a net amount in the financial statements Casio Co, recognizes construction revenue and expenses using the percentage of completion method. During 2022. a single long-term project was begun which continued through 2024 Information on the project follows 2022 12/31 Accounts Receivable balance $100,000 Construction expenses for year 105 000 12/31 CIP balance 122.000 Billings during year 100,000 2023 $300,000 192,000 420,000 364,000 Profit recognized from the long-term construction contract in 2023 was: Select one O a 550.000 O b. 211.000 O c.5123.000 O d. 5106.000 . 564.000 The Leto Costruction Company began work on a $15.000 contract on 1/1/22. Planned completion was in 2024. The Percentage of Completion method is used. Given the following 12/31/22 Concuned locale Ested to come Bling to die Collection de December 31, 2012 52500 S000 100 The balance sheet locution and the net amount of the 12/31/22. Combined CP and Billings accounts are: Select one O Current Liability of $1.500 ob, Current Liability of $200 O Current Asset of $1.500 d. Current Liability of 5875 The Arrakis Construction Company began work on a 55.000 contract on 1/1/23. Planned completion was in 2025. The Percentage of Completion method is used Costs incurred to date Estimated costs to complete Billings to date Collections to date 2023 $1,600 2.400 2,000 1,800 December 31 2024 $3.000 1,800 3,100 3,000 2025 $4,550 0 5,000 4.900 The 12/31/24 balance of Construction in Progress is Select one O $2.000 Ob $1.000 O $3,400 Odsazs 0.52535 The Leverenz Construction Company began work on a $12.000 contract on 1/1/21. Planned completion was in 2023. The Percentage-of-Completion method is used, Given the following 2023 Costs incurred to date Estimated costs to complete Billings to date Collections to date 2021 $3,500 7,000 3,000 2.900 2022 $6,500 6,000 5,800 5,800 $12,700 0 11,000 10,000 2022 Net Income (Loss) is Select one 05(500) b. 5200 O C 501.000) O d. 512.000 O e. 5(760)