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. 250,000B. 500,000 D. 100,000 MOC Construction Company started work on three job sites during the currentData relating toyear.Any costs incurred are expected to be recoverable.the three jobs are given below:ContractCostEstimated CostsBillings onCollectionsSiteIncurredto Completeon Billings5,000,000900,0001,000,000PriceContract5,000,0007,000,0002,500,0005,000,000900,0001,500,0003,750,0001,000, 000G000, 0004,000,0001,000,0001,000,000123

A construction contract is a lawfully enforceable agreement amongst two individuals depending on…

Answered: MOC Construction Company started work…

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

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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