Question
Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below: Bid price $ 450,000 Contract cost: 2020 (180,000
Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below:
| Bid price | $ | 450,000 | ||
| Contract cost: | 2020 | (180,000 | ) | |
| 2021 | (195,000 | ) | ||
| Gross profit: | 75,000 | |||
Estimated cost to complete:
| 12/31/2020 | $ | 200,000 | |
| 12/31/2021 | 0 | ||
Assuming BCC recognizes revenue over time according to percentage of completion for this contract, the gross profit recognized in 2020 would be (rounded to the nearest thousand):
rev: 10_16_2019_QC_CS-186427
Multiple Choice
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$69,000.
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$36,000.
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$30,000.
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$33,000.
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1st Edition
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