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How much revenue should WW Guy recognize

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Question - WW Guy Contractors began a contract to build a new student union on the UNF campus during Year 1 for $455,000.  Information concerning the project follows:

Year 1

Year 2

Year 3

Percentage of work completed

25%

35%

40%

Costs incurred during the year

$86,000

$124,000

$  90,000

Progress billings during the year

80,000

180,000

190,000

Cash collected during the year

65,000

170,000

220,000

How much revenue should WW Guy recognize during Year 1 if WW Guy uses the percentage of completion method?

$113,750

$80,000

$38,750

$450,000

Reference no: EM132077422

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