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Nova Construction Company (NCC)entered into a Contract to Build a School

Question 70

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Nova Construction Company (NCC) entered into a contract to build a school for $1,800,000. Construction commenced on May 1, 2011, with a planned completion date of December 31, 2013. A summary of the related accounting information is provided below: Nova Construction Company (NCC) entered into a contract to build a school for $1,800,000. Construction commenced on May 1, 2011, with a planned completion date of December 31, 2013. A summary of the related accounting information is provided below: How much gross profit would be recognized in fiscal 2011 if NCC uses the percentage of completion method? A) $50,000 B) $100,000 C) $130,000 D) $180,000 How much gross profit would be recognized in fiscal 2011 if NCC uses the percentage of completion method?


A) $50,000
B) $100,000
C) $130,000
D) $180,000

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