Johann Builders has a fixed -price contract providing $120,000 of revenue.Construction on the contract was begun in 2013 and was completed in 2014.Information relating to the contract is as follows:
What amount of income should Johann recognize in 2014 assuming that the company appropriately uses the percentage-of-completion method of income recognition?
Definitions:
Compensatory Damages
Compensatory damages are a monetary award given to an injured party in a lawsuit to compensate for actual losses or damages incurred.
Business Partners
Individuals or entities that collaborate and share in the profits and losses of a business venture.
Display Cabinets
Display cabinets are furniture pieces used to showcase and protect items like collectibles, merchandise, or trophies while allowing them to be viewed.
Trade Libel
A business tort that occurs when false printed statements criticize a business product or service and result in a loss of sales.
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