Moon View Desert Homes constructed a subdivision of upscale homes north of Cave Creek, Arizona, during 2016 and 2017 under contract with Empire Development. Relevant data are: Contract Amount $ 2,000,000 2016 2017 Cost $ 800,000 600,000 Gross Profit 350,000 250,000 Contract Billings 1,000,000 1,000,000 Moon View uses the percentage-of-completion method to recognize revenue - 40 What would be the journal entry made in 2016 to record revenue? Debit Credit A Accounts receivable 1,000,000 Revenue from Long-term contracts 1,000,000 B. Accounts receivable 1,350,000 Gross profit Revenue from Long-term contracts 350,000 1,000,000 C. Construction in progress 350,000 Cost of construction 800,000 Revenue from Long-term contracts 1,150,000 D. Accounts receivable 1,000,000 Billings in excess of cost 350,000 Revenue from Long-term contracts 1,350,000 A 41 In its December 31, 2003 balance sheet, Moon View would report: A The asset, cost and profits in excess of billings of $150,000. B. The liability, billings in excess of cost of $200,000. C. The asset, contract amount in excess of billings of $1,000,000. D. The asset, deferred profit of $ 400,000.

Moon View Desert Homes constructed a subdivision of upscale homes north of Cave Creek, Arizona, during 2016 and 2017 under contract with Empire Development. Relevant data are: Contract Amount $ 2,000,000 2016 2017 Cost $ 800,000 600,000 Gross Profit 350,000 250,000 Contract Billings 1,000,000 1,000,000 Moon View uses the percentage-of-completion method to recognize revenue - 40 What would be the journal entry made in 2016 to record revenue? Debit Credit A Accounts receivable 1,000,000 Revenue from Long-term contracts 1,000,000 B. Accounts receivable 1,350,000 Gross profit Revenue from Long-term contracts 350,000 1,000,000 C. Construction in progress 350,000 Cost of construction 800,000 Revenue from Long-term contracts 1,150,000 D. Accounts receivable 1,000,000 Billings in excess of cost 350,000 Revenue from Long-term contracts 1,350,000 A 41 In its December 31, 2003 balance sheet, Moon View would report: A The asset, cost and profits in excess of billings of $150,000. B. The liability, billings in excess of cost of $200,000. C. The asset, contract amount in excess of billings of $1,000,000. D. The asset, deferred profit of $ 400,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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