Use the Following Information for Questions

question 228

Multiple Choice

Use the following information for questions. Piano Construction Corp.began operations in 2014.Construction activity for 2014 is shown below.Piano uses the completed-contract method.
-Which of the following should be shown on the statement of financial position at December 31, 2014 related to Contract 3?

• A)Unbilled contract costs, $140,000
• B)Unbilled contract costs, $60,000
• C)Accounts receivable, $760,000
• D)Construction in process, $480,000

Recognize the limitations of financial planning models and approaches.

Understand the fundamental concepts of operations management.

Analyze productivity and its improvement.

Identify and differentiate between service and goods production characteristics.