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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