Given the Following Data for a Firm Which Uses the Percentage

question 137

Multiple Choice

Given the following data for a firm which uses the percentage of completion method on long-term construction contracts, determine the ending balance of the account which is the net of Construction- in-Process, and Billings on Contracts, at the end of Year 1, the first year of this project. Costs incurred = $20,000
Billings = $26,000
Cash collected = $15,000
Estimated remaining cost to complete, as of 12-31-2001 = $30,000
Contract price = $60,000

• A) Costs in excess of billings $5,000
• B) Billings in excess of costs $2,000
• C) Costs in excess of billings $14,000
• D) Billings in excess of costs $667

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Definitions:

Secondary Receptors

Protein molecules located on cell surfaces or within cells that bind to external signaling molecules after they have interacted with primary receptors, often amplifying the cellular response.

Chemoreceptors

Sensory receptors that respond to chemical stimuli, such as taste, smell, or changes in the blood's chemical composition.

Brainstem

The lower extension of the brain, connecting the cerebrum with the spinal cord, and controlling vital functions such as breathing and heart rate.

Cranial Nerves

Twelve pairs of nerves that are connected directly to the brain or brainstem and are responsible for motor and sensory functions of the head and neck.