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During 2006, Catpaws Co. began a project with a 2008 completion date. By year-end Catpaws management projects a loss on the project. What would be the effect of the project on 2006 operating income under the percentage-of-completion method and the completed-contract method?

A. Percentage-of-Completion: No effect; Completed-Contract: No effect

B. Percentage-of-Completion: No effect; Completed-Contract: Decrease

C. Percentage-of-Completion: Decrease; Completed-Contract: No effect

D. Percentage-of-Completion: Decrease, Completed Contract: Decrease

Accounting Basics, Accounting

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