Reference no: EM132604193
Question 1: In 2020, Cement Inc. began a three year construction contract for $3,500,000. Cement uses the percentage-of-completion method. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract.
The financial statement presentation relating to this contract for calendar 2020 follow:
Statement of Financial Position
Current Assests:
Accounts receivable $150,000
Contract asset/liability 105,000(Contract costs $425,000 less Billings of $320,000)
Income StatementIncome (before tax) on the contract recognized in 2020$105,000
How much cash was collected in 2020 on this contract?
Option 1: $200,000
Option 2: $25,000
Option 3: $300,000
Option 4: $170,000
Question 2: Using the direct write-off method, when a specific account is determined to be uncollectible, the journal entry includes a
Option 1: credit to Account Receivable.
Option 2: credit to Bad Debt Expense.
Option 3: credit to Loss.
Option 4: credit to Allowance for Doubtful Accounts.
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