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MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. the three jobs are given below: Data relating to Contract Estimated Costs to Complete Billings on Collections on Billings 5,000,000 900,000 1,000,000 Site Cost Price Incurred Contract 5,000,000 7,000,000 2,500,000 3,750,000 1,000,000 1,000,000 4,000,000 1,000,000 5,000,000 900,000 1,500,000 123

MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. the three jobs are given below: Data relating to Contract Estimated Costs to Complete Billings on Collections on Billings 5,000,000 900,000 1,000,000 Site Cost Price Incurred Contract 5,000,000 7,000,000 2,500,000 3,750,000 1,000,000 1,000,000 4,000,000 1,000,000 5,000,000 900,000 1,500,000 123

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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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?


A. 5,100,000      C. 250,000
B. 500,000         D. 100,000

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: Contract Cost Estimated Costs Billings on Collections Site Incurred to Complete on Billings 5,000,000 900,000 1,000,000 Price Contract 5,000,000 7,000,000 2,500,000 5,000,000 900,000 1,500,000 3,750,000 1,000, 000G000, 000 4,000,000 1,000,000 1,000,000 123
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: Contract Cost Estimated Costs Billings on Collections Site Incurred to Complete on Billings 5,000,000 900,000 1,000,000 Price Contract 5,000,000 7,000,000 2,500,000 5,000,000 900,000 1,500,000 3,750,000 1,000, 000G000, 000 4,000,000 1,000,000 1,000,000 123
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