A&B Construction enters into a contract to construct a bridge for $1,400,000. At the outset, A&B estimates that it will cost $1,200,000 to build the bridge. Actual costs in 2017 are $540,000. Actual costs in 2018 are less than expected an amount to $600,000. The profits reported under the completed contract and percent of completion methods for each year would be: Select one: Completed Contract Percentage of Completion O a. 2017 2018 2017 2018 $0 $200,000 $90,000 $170,000 O b. Completed Contract Percentage of Completion 2017 2018 2017 2018 ՏՈ $260.000 $90.000 $170.000
A&B Construction enters into a contract to construct a bridge for $1,400,000. At the outset, A&B estimates that it will cost $1,200,000 to build the bridge. Actual costs in 2017 are $540,000. Actual costs in 2018 are less than expected an amount to $600,000. The profits reported under the completed contract and percent of completion methods for each year would be: Select one: Completed Contract Percentage of Completion O a. 2017 2018 2017 2018 $0 $200,000 $90,000 $170,000 O b. Completed Contract Percentage of Completion 2017 2018 2017 2018 ՏՈ $260.000 $90.000 $170.000
Chapter3: Income Sources
Section: Chapter Questions
Problem 88P
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