Use the Following Information to Answers the Following Questions:
During

question 115

Multiple Choice

Use the following information to answers the following questions:
During 2020, Bing Corp. started a construction job with a total contract price of $ 1,050,000. Bing has consistently used the completed contract method. The job was completed on December 15, 2021. Additional data are as follows:
$\begin{array}{c}\begin{array}{lll}\\\text {Actual costs incurred}\\\text { Estimated remaining costs}\\ \text {Billings to date}\\ \text {Collections to date}\end{array}\begin{array}{r}\underline{2020}\\\$ 405,000\\405,000 \\360,000 \\200,000\end{array}\begin{array}{r}\underline{2021}\\\$ 457,500\\- \\690,000 \\480,000 \end{array}\end{array}$

-For 2020, what amount should Bing recognize as gross profit?

• A) $ 0
• B) $ 120,000
• C) $ 142,500
• D) $ 187,500

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Definitions:

Professional Liability

Refers to the legal obligation of professionals to compensate for losses caused by their negligence or errors in their provided services.

Patient Education

The process of providing patients with information, skills, and knowledge necessary to make informed decisions and manage their health and healthcare.

Patient's Chart

A comprehensive record containing all of a patient's medical history, treatment plans, notes, and other relevant health information.

Documenting

The process of systematically recording, retaining, and managing information accurately for future retrieval and reference.