Tradel Construction Company entered into a contract to build a condominium building 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 2013 if Tradel uses the completed contract method?
A)$0
B)$120,000
C)$220,000
D)$250,000

Question

Tradel Construction Company entered into a contract to build a condominium building 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 2013 if Tradel uses the completed contract method?
A)$0 
B)$120,000 
C)$220,000 
D)$250,000

Quizplus · Accepted Answer

The Answer of Tradel Construction Company entered into a contract to build a condominium building 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 2013 if Tradel uses the completed contract method?
A)$0 
B)$120,000 
C)$220,000 
D)$250,000

Tradel Construction Company Entered into a Contract to Build a Condominium