Use the following information for questions.

-Which of the following should be shown on the statement of financial position at December 31, 2017 related to Contract 3?
A)unbilled contract costs, $140,000
B)unbilled contract costs, $60,000
C)accounts receivable, $760,000
D)construction in process, $480,000

Question

Use the following information for questions.
 
-Which of the following should be shown on the statement of financial position at December 31, 2017 related to Contract 3?
A)unbilled contract costs, $140,000 
B)unbilled contract costs, $60,000 
C)accounts receivable, $760,000 
D)construction in process, $480,000

Quizplus · Accepted Answer

Unbilled contract costs of $140,000 should be shown on the statement of financial position as they represent costs incurred on a contract that have not yet been billed to the customer.

Use the Following Information for Questions