**Kiewit Corporation Financial Overview for 2023-2024**Kiewit Corporation, an American construction company headquartered in Omaha, Nebraska, was established in 1884. Recently, Kiewit Corporation completed a new subdivision project under a contract with Desert Development Company. Below are the summarized financial details of the project for the years 2023 and 2024:- **Contract Amount:** $3,315,000- **Costs:** - 2023: $1,270,000 - 2024: $670,000- **Gross Profit:** - 2023: $905,000 - 2024: $470,000- **Contract Billings:** - 2023: $1,657,500 - 2024: $1,657,500Kiewit Corporation recognizes revenue upon the completion of the contract. For the balance sheet dated December 31, 2023, Kiewit Corporation would report:**Multiple Choice Question:**- the contract asset, contract amount in excess of billings, of $1,657,500. - the contract asset, cost and profits in excess of billings, of $517,500. **Multiple Choice Question:**Select the correct answer from the options provided.1. The contract asset, contract amount in excess of billings, of $1,657,500.2. The contract asset, cost and profits in excess of billings, of $517,500.3. The contract asset, deferred profit, of $470,000.4. The contract liability, billings in excess of cost, of $387,500.

Kiewit Corporation is an American construction company based in Omaha, Nebraska founded in 1884. Kiewit Corporation constructed a new subdivision during 2023 and 2024 under contract with Desert Development Company. Relevant data are summarized below: Contract amount Cost: Gross profit: Contract billings: 2023 2024 2023 2024 Multiple Choice 2023 2024 $3,315,000 1,270,000 670,000 905,000 470,000 1,657,500 1,657,500 Kiewit Corporation recognizes revenue upon completion of the contract. In its December 31, 2023, balance sheet, Kiewit Corporation would report: the contract asset, contract amount in excess of billings, of $1,657,500. the contract asset, cost and profits in excess of billings, of $517,500.

Kiewit Corporation is an American construction company based in Omaha, Nebraska founded in 1884. Kiewit Corporation constructed a new subdivision during 2023 and 2024 under contract with Desert Development Company. Relevant data are summarized below: Contract amount Cost: Gross profit: Contract billings: 2023 2024 2023 2024 Multiple Choice 2023 2024 $3,315,000 1,270,000 670,000 905,000 470,000 1,657,500 1,657,500 Kiewit Corporation recognizes revenue upon completion of the contract. In its December 31, 2023, balance sheet, Kiewit Corporation would report: the contract asset, contract amount in excess of billings, of $1,657,500. the contract asset, cost and profits in excess of billings, of $517,500.

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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