MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below (image):   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  B. 500,000 C. 250,000  D. 100,00

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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. Data relating to the three jobs are given below (image):

 

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  B. 500,000 C. 250,000  D. 100,00

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