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How much revenue can san ta monica construction corp

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Reference no: EM132737956

Santa Monica Construction Corp. singed a contract with USC to build a library in 2014. The company uses percentage of completion method to account for such contracts. The construction is expected to be finished in 2016. The contract price is $100 million. Information for 2014 is as follows:

Costs incurred during the year $30.0 million
Future costs to be incurred to complete $40.0 million
Progress billings to USC $45.0 million
Cash collected from USC $34.0 million

Problem 1: How much revenue can San ta Monica Construction Corp recognize for year 2014?

Select one:

a. $45 million
b. $0 million
c. $30 million
d. $42.85 million

Reference no: EM132737956

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