Business, 28.10.2019 23:31 jessicaisbaehood

Seasons construction is constructing an office building under contract for cannon company and uses the percentage-of-completion method. the contract calls for progress billings and payments of $1,550,000 each quarter. the total contract price is $18,600,000 and seasons estimates total costs of $17,750,000. seasons estimates that the building will take 3 years to complete, and commences construction on january 2, 2018. 18). seasons construction completes the remaining 25% of the building construction on december 31, 2020, as scheduled. at that time the total costs of construction are $18,750,000.

what is the total amount of revenue from long-term contracts and construction expenses that seasons will recognize for the year ended december 31, 2020?

revenue expenses

(a) $18,600,000 $18,750,000

(b) $4,650,000 $ 4,687,500

(c) $4,650,000 $ 5,250,000

(d) $4,687,500 $ 4,687,500

Answers: 3

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Seasons construction is constructing an office building under contract for cannon company and uses t...