Question
In: Accounting
Use the following information to answer MCQ21 to MCQ23 On January 1st, 2018, Crane Construction Corporation...
Use the following information to answer MCQ21 to MCQ23
On January 1st, 2018, Crane Construction Corporation signed a contract to construct a building with a contract price of $18,000,000. The company expects to get this contract completed by 2020. Crane uses the percentage of completion method Information relating to the costs, billings, and collections for this contract is as follows:
2018 2019 2020
Total costs incurred to date $4,500,000 $7,920,000 $13,800,000
Estimated costs to complete 7,500,000 5,280,000 -0-
Customer billings to date 6,600,000 12,000,000 16,800,000
Collections to date 6,000,000 10,500,000 16,500,000
What is the percentage of completion for the year 2019?
Select one:
a. 0.26
b. 0.375
c. 0.66
d. 0.60
What is the gross profit that Crane Cor to recognize in 2020?
Select one:
a. $4,200,000
b. $2,250,000
c. $6,000,000
d. $1,320,000
How much the cost incurred in the year 2019 only:
Select one:
a. $7,920,000
b. $13,200,000
c. $3,420,000
d. $5,280,000
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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marks)
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