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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

Muscle Construction signs a contract to build a classroom addition for Smallville High School. The total price for the addition is \$800,000, and the initial cost estimate was \$650,000. The project is expected to take 18 months to complete. The project was begun in 2006 and finished in 2007. Muscle Construction uses a calendar year for reporting purposes. The following details are from 2006 and 2007: For 2006: Cost incurred: \$350,000, Billings: \$400,000, Collections: \$390,000, Estimated cost to complete: \$350,000. For 2007: Cost incurred: \$280,000, Billings: \$400,000, Collections: \$350,000. find out the amount of gross profit Muscle Construction should recognize in 2007, using the completed-contract method.

a) \$170,000

b) \$157,250

c) \$121,250

d) \$120,000

Accounting Basics, Accounting

• Category:- Accounting Basics
• Reference No.:- M941523

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