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 103 times)

jjjetplane · **on:** Sep 13, 2020

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.

hollysheppard095 · **Reply #1 on:** Sep 13, 2020

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