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What is the amount of gross profit on the project

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Reference no: EM132701848

Question - For the next five questions (questions 36-40), consider the following information:

Accounts receivable, 12/31/2018 (from construction progress billings) $37.5

Actual construction costs incurred in 2018 $135

Cash collected on project during 2018 $105

Construction in progress, 12/31/2018 $207

Estimated percentage of completion during 2018 60%

In 2018, Cupid Construction Co. (CCC) began work on a two-year fixed price contract project. CCC recognizes revenue over time according to percentage of completion for this contract, and provides the following information (dollars in millions): What is the amount of gross profit on the project recognized by CCC during 2018?

a. $160 million

b. $48 million

c. $72 million

d. Cannot be determined from the given information.

Reference no: EM132701848

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