The Following Information Relates to Questions

question 4

Multiple Choice

The following information relates to questions
Cooper Construction Company had a contract starting April 2012, to construct a $9,000,000 building that is expected to be completed in September 2014, at an estimated cost of $8,250,000.At the end of 2012, the costs to date were $3,795,000 and the estimated total costs to complete had not changed.The progress billings during 2012 were $1,800,000 and the cash collected during 2012 was 1,200,000.
-For the year ended December 31, 2012, Cooper would recognize gross profit on the building of:

• A)$316,250
• B)$345,000
• C)$405,000
• D)$0

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Definitions:

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