Use the Following Information to Answers the Following Questions:
During

question 45

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 2021, what amount should Bing recognize as gross profit?

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

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Definitions:

Partial Pressure

The pressure exerted by a single type of gas in a mixture of gases, often used in calculations involving gas laws and respiration.

Hemoglobin

Located in red blood cells, this compound is tasked with the transfer of oxygen from the lungs to the body's tissues and the retrieval of carbon dioxide, taking it back to the lungs.

Hemocyanin

A copper-containing protein found in the blood of some invertebrates, serving a similar oxygen-transport function as hemoglobin in vertebrates.

Iron-Porphyrin

A complex organic compound that forms the core of heme, enabling oxygen transport and storage in hemoglobin and myoglobin.