Sailor Construction Company Has Consistently Used the Percentage-Of- Completion Method

question 68

Multiple Choice

Sailor Construction Company has consistently used the percentage-of- completion method.On January 10,2014,Sailor began work on a $3,000,000 construction contract.At the inception date,the estimated cost of construction was $2,250,000.The following data relate to the progress of the contract:

How much gross profit should Sailor recognize for the year ended December 31,2015?

• A)$150,000
• B)$262,500
• C)$300,000
• D)$450,000

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Definitions:

Accuracy

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or a standard.

PLC Timers

Timers in Programmable Logic Controllers are used to perform time-based operations, such as delaying actions or counting time intervals.

PB2

PB2 often refers to a secondary or specific pushbutton in a system, indicating its role or position within a sequence of controls.