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Nichols Construction Company (NCC)entered into a Contract to Build a Shopping

Question 77

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Nichols Construction Company (NCC) entered into a contract to build a shopping complex for $1,900,000. Construction commenced on July 1, 2011, with a planned completion date of December 31, 2013. A summary of the related accounting information is provided below: Nichols Construction Company (NCC) entered into a contract to build a shopping complex for $1,900,000. Construction commenced on July 1, 2011, with a planned completion date of December 31, 2013. A summary of the related accounting information is provided below: How much would the balance in accounts receivable be on the balance sheet of NCC at the end of 2012 if NCC uses the percentage of completion method? A) $130,000 B) $390,000 C) $790,000 D) $1,100,000 How much would the balance in accounts receivable be on the balance sheet of NCC at the end of 2012 if NCC uses the percentage of completion method?


A) $130,000
B) $390,000
C) $790,000
D) $1,100,000

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