[Solved] Use the Following to Answer Questions

Question 229
Multiple Choice

Use the following to answer questions
Sahara Desert Homes (SDH)reports under IFRS and constructed a new subdivision during 2015 and 2016 under contract with Cactus Development Co.Relevant data are summarized below:
img SDH uses the cost recovery method under IFRS to recognize revenue.
-In its December 31,2015,balance sheet,SDH would report:

A)The asset,cost and profits in excess of billings,of $500,000.
B)The liability,billings in excess of cost,of $300,000.
C)The asset,contract amount in excess of billings,of $1,500,000.
D)The asset,deferred profit,of $400,000.

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