Use the following information for questions. Piano Construction Corp.began operations in 2014.Construction activity for 2014 is shown below.Piano uses the completed-contract method.
-Which of the following should be shown on the statement of financial position at December 31, 2014 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. Piano Construction Corp.began operations in 2014.Construction activity for 2014 is shown below.Piano uses the completed-contract method. 
-Which of the following should be shown on the statement of financial position at December 31, 2014 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

The Answer of Use the following information for questions. Piano Construction Corp.began operations in 2014.Construction activity for 2014 is shown below.Piano uses the completed-contract method. 
-Which of the following should be shown on the statement of financial position at December 31, 2014 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

Use the Following Information for Questions