Ying Construction Company Entered into a Contract to Build a New

question 88

Multiple Choice

Ying Construction Company entered into a contract to build a new airport terminal for $2,500,000.Construction commenced on August 1,2017,with a planned completion date of December 31,2019.A summary of the costs,billings,and collections is provided below:

Ying uses the percentage of completion method.What amount would appear as accounts receivable on Ying's December 31,2018 balance sheet?

• A)$100,000
• B)$140,000
• C)$1,000,000
• D)$1,400,000

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Definitions:

Vulnerable

Open to harm, damage, or attack; susceptible to emotional or physical injury.

Pressure To Conform

The social influence exerted on individuals to behave in a way that is acceptable or typical of a particular group or society.

Architect

An expert who creates architectural designs for buildings and often oversees the building process as well.

Doctor

A professional who is qualified to treat people who are ill, typically holding a degree in medicine.