Revenue Recognition
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The calculation of the income recognized in the third year of a 5-year construction contract accounted for using the percentage-of-completion method includes the ratio of | show 🗑
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| A company appropriately uses the completed-contract method to account for a long-term construction contract. Revenue is recognized when progress billings are | show 🗑
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| show | D. $150,000
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| show | A. ($20,000)
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| show | A. $50,000
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| show | B. As progress is made toward completion of the contract.
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| Which of the following is used in calculating the gross profit recognized in the fourth and final year of a contract accounted for by the percentage-of-completion method? | show 🗑
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| show | D. $120,000
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| Gow Constructors, Inc., has consistently used the percentage-of-completion method of recognizing gross profit. | show 🗑
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| POC Company accounts for a long-term construction contract using the percentage-of-completion method. | show 🗑
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| Lake Construction Company has consistently used the percentage-of-completion method of recognizing gross profit. | show 🗑
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| How should the balances of progress billings and construction in progress be shown at reporting dates prior to the completion of a long-term contract? | show 🗑
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| A company used the percentage-of-completion method of accounting for a 4-year construction contract. GP Pre Recog & Prog Bill to Date | show 🗑
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| A company uses the percentage-of-completion method to account for a 4-year construction contract. Prog Bill & Collec on Prog Bill | show 🗑
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| show | D. Decrease Decrease
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| show | A. $350,000
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| Hansen Construction, Inc., has consistently used the percentage-of-completion method of recognizing gross profit. | show 🗑
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| show | B. No No
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| Long Corporation began construction work under a 3-year contract this year. | show 🗑
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| show | B. $20,000
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| show | A. Not third year third year
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| A company began work on a long-term construction contract in Year 1. The contract price was $3,000,000. | show 🗑
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| show | C. $550
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| Paulson Company uses the percentage-of-completion method to account for long-term construction contracts. | show 🗑
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| Falton Co. had the following first-year amounts related to its $9,000,000 construction contract: | show 🗑
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| show | D. $150,000
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Created by:
melissaaaa