Business, 14.03.2020 05:27 Dmgirl123

On December 31, 2017, State Construction Inc. signs a contract with the state of West Virginia Department of Transportation to manufacture a bridge over the New River. State Construction anticipates the construction will take three years.

The company’s accountants provide the following contract details relating to the project:

Contract price $780 million
Estimated construction costs $600 million
Estimated total profit $180 million

During the three-year construction period, State Construction incurred costs as follows:

2018 $ 60 million
2019 $360 million
2020 $180 million

State Construction uses the cost-to-cost method to recognize revenue.

Which of the following represent the revenue recognized in 2018, 2019, and 2020?

A) $225 million, $300 million, $2550 million

B) $60 million, $240 million, $120 million

C) $33 million, $198 million, $99 million

D) $78 million, $468 million, $234 million

E) None of the above

Answers: 2

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On December 31, 2017, State Construction Inc. signs a contract with the state of West Virginia Depar...

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