Problem 5MOC 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:SiteEstimated CostsContractCostBillings onCollectionson Billings5,000,000PriceIncurredto CompleteContract13,750,0005,000,0007,000,0005,000,000900,0001,000,0001,000,0004,000,0001,000,000900,0001,000,000232,500,0001,500,000If the company records revenue over time, how much must be shown as currentasset in the balance sheet of MOC Construction Company as of December 31?5,500,000500,000A.c.250,000D. 100,000в.If the company records revenue at a point in time, how much must be shown ascurrent asset in the balance sheet of MOC Construction Company as of December31?5,100,000500,000A.C.250,000100,000в.D.

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Problem 5 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 Estimated Costs to Complete Billings on Collections on Billings 5,000,000 900,000 Site Contract Cost Price Incurred Contract 3,750,000 5,000,000 5,000,000 000 ,000 ,ר 4,000,000 1,000,000 2 1,000,000 1,000,000 900,000 3 2,500,000 1,500,000 1,000,000 If the company records revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? c. 250,000 D. 100,000 A. 5,500,000 500,000 в. 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. 250,000 5,100,000 500,000 c. в. D. 100,000

Problem 5 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 Estimated Costs to Complete Billings on Collections on Billings 5,000,000 900,000 Site Contract Cost Price Incurred Contract 3,750,000 5,000,000 5,000,000 000 ,000 ,ר 4,000,000 1,000,000 2 1,000,000 1,000,000 900,000 3 2,500,000 1,500,000 1,000,000 If the company records revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? c. 250,000 D. 100,000 A. 5,500,000 500,000 в. 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. 250,000 5,100,000 500,000 c. в. D. 100,000

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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Please help me by showing your solution in good accounting form. Thank you! 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: 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 2 7 000 000 1 000 000 4 000 000 900 000 900 000 3 2 500 000 1 000 000 1 000 000 1 500 000 1 000 000 If the company records revenue over time, how much must be shown as a current asset in the balance sheet of MOC Construction Company as of December 31?A. 5,500,000 C. 250,000B. 500,000 D. 100,000 If the company records revenue at a point in time, how much must be shown as a 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
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