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Author Question: In year 1 a contractor agrees to build a building for $2,500,000 by the end of year 2. The builder's ... (Read 84 times)

jjjetplane

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Question 1

In year 1 a contractor agrees to build a building for $2,500,000 by the end of year 2. The builder's cost is estimated to be $1,800,000. The actual costs year 1 are $900,000 and year 2's actual costs are $1,300,000. Under the completed contract method the gross profit for year 2 is
◦ $0.
◦ $300,000.
◦ $350,000.
◦ $700,000.

Question 2

In year 1 a contractor agrees to build a building for $2,500,000 by the end of year 2. The builder's cost is estimated to be $1,800,000. The actual costs year 1 are $900,000 and year 2's actual costs are $1,100,000. Under the percentage of completion method year 1's gross profit is
◦ $0.
◦ $300,000.
◦ $350,000.
◦ $700,000.


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Marked as best answer by jjjetplane on Sep 13, 2020

hollysheppard095

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jjjetplane

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review


Dominic

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Reply 3 on: Yesterday
:D TYSM

 

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