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How much revenue should b-b recognize during year one

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Reference no: EM132692038

B&B Contractors began a contract to build a new Executive Education on the UTD campus during Year 1 for $910,000. Information concerning the project follows:

                                                           Year 1                   Year 2               Year 3
Percentage of work completed         25%                     35%          40%
Costs incurred during the year        $172,000          $248,000          $180,000
Progress billings during the year        160,000           360,000       380,000
Cash collected during the year            130,000         3400,000        430,000

Problem 1: How much revenue should B&B recognize during Year 1 if B&B uses the completed contract method?

A. $ 227,500
B. $160,000
C. $900,000
D. $-0-

Reference no: EM132692038

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