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

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Definitions:

Dull Lectures

Boring or unenthusiastic presentations or talks, often resulting in little interest or engagement from the audience.

Marginal Cost

The rise in expense associated with the production of an extra good or service unit.

Marginal Rate of Substitution

The measure of how much of one good a consumer can give up in favor of another, without impacting their level of well-being.

Socially Efficient

A situation in which an outcome benefits society as a whole and resources are allocated in the most beneficial manner from a societal perspective.