Pool Contractors (PC)entered into a contract to build a solar heated swimming complex for $1,800,000. Construction commenced on July 1, 2011, with a planned completion date of December 31, 2013. A summary of the related accounting information is provided below: How much gross profit would be recognized in fiscal 2012 if PC uses the percentage of completion method?
A)$50,000
B)$100,000
C)$130,000
D)$180,000

Question

Pool Contractors (PC)entered into a contract to build a solar heated swimming complex for $1,800,000. Construction commenced on July 1, 2011, with a planned completion date of December 31, 2013. A summary of the related accounting information is provided below:  How much gross profit would be recognized in fiscal 2012 if PC uses the percentage of completion method?
A)$50,000 
B)$100,000 
C)$130,000 
D)$180,000

Quizplus · Accepted Answer

The Answer of Pool Contractors (PC)entered into a contract to build a solar heated swimming complex for $1,800,000. Construction commenced on July 1, 2011, with a planned completion date of December 31, 2013. A summary of the related accounting information is provided below:  How much gross profit would be recognized in fiscal 2012 if PC uses the percentage of completion method?
A)$50,000 
B)$100,000 
C)$130,000 
D)$180,000

Pool Contractors (PC)entered into a Contract to Build a Solar