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C & J Construction, Inc

Question 66

Multiple Choice

C & J Construction, Inc. has consistently used the percentage-of-completion method of recognizing income. Last year C & J started work on a $4,500,000 construction contract, which was completed this year. The accounting records disclosed the following data for last year:
C & J Construction, Inc. has consistently used the percentage-of-completion method of recognizing income. Last year C & J started work on a $4,500,000 construction contract, which was completed this year. The accounting records disclosed the following data for last year: How much income should C & J have recognized on this contract last year? A) $105,000 B) $150,000 C) $300,000 D) $350,000
How much income should C & J have recognized on this contract last year?


A) $105,000
B) $150,000
C) $300,000
D) $350,000

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