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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please present solution in an excel accompanied with explanations. Thank you so much!

PROBLEM:

MOC Construction Company started work on three job sites during the current Data relating to year. Any costs incurred are expected to be recoverable. the three jobs are given below: Site Contract Cost Estimated Costs Billings on Collections on Billings 5,000,000 900,000 1,000,000 Price Incurred to Complete Contract 5,000,000 7,000,000 2,500,000 3,750,000 1,000,000 5,000,000 900,000 1 2 4,000,000 1,000,000 1,000,000 1,500,000 If the company records revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? 5,500,000 500,000 С. 250,000 100,000 A. В. D. If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? 5,100,000 500,000 250,000 100,000 А. С. В. D.
Transcribed Image Text:MOC Construction Company started work on three job sites during the current Data relating to year. Any costs incurred are expected to be recoverable. the three jobs are given below: Site Contract Cost Estimated Costs Billings on Collections on Billings 5,000,000 900,000 1,000,000 Price Incurred to Complete Contract 5,000,000 7,000,000 2,500,000 3,750,000 1,000,000 5,000,000 900,000 1 2 4,000,000 1,000,000 1,000,000 1,500,000 If the company records revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? 5,500,000 500,000 С. 250,000 100,000 A. В. D. If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? 5,100,000 500,000 250,000 100,000 А. С. В. D.
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