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Superior Builders Has a Fixed -Price Contract Providing $120,000 of Revenue

Question 60

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Superior Builders has a fixed -price contract providing $120,000 of revenue. Construction on the contract was begun in 2010 and was completed in 2011. Information relating to the contract is as follows:
Superior Builders has a fixed -price contract providing $120,000 of revenue. Construction on the contract was begun in 2010 and was completed in 2011. Information relating to the contract is as follows: What amount of income should Superior recognize in 2011 assuming that the company appropriately uses the percentage-of-completion method of income recognition? A) $9,286 B) $15,000 C) $17,000 D) $7,000
What amount of income should Superior recognize in 2011 assuming that the company appropriately uses the percentage-of-completion method of income recognition?


A) $9,286
B) $15,000
C) $17,000
D) $7,000

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