Exhibit 17-2
In 2016, Omega Construction began work on a contract with a price of $850,000 and estimated costs of $595,000. Data for each year of the contract are as follows:
-Refer to Exhibit 17-2. Assuming the performance obligation is satisfied over time, what would be the gross profit in 2016?
A) $102,000
B) $260,000
C) $255,000
D) $425,000

Question

Exhibit 17-2
In 2016, Omega Construction began work on a contract with a price of $850,000 and estimated costs of $595,000. Data for each year of the contract are as follows:  
-Refer to Exhibit 17-2. Assuming the performance obligation is satisfied over time, what would be the gross profit in 2016?
A) $102,000 
B) $260,000 
C) $255,000 
D) $425,000

Quizplus · Accepted Answer

The Answer of Exhibit 17-2
In 2016, Omega Construction began work on a contract with a price of $850,000 and estimated costs of $595,000. Data for each year of the contract are as follows:  
-Refer to Exhibit 17-2. Assuming the performance obligation is satisfied over time, what would be the gross profit in 2016?
A) $102,000 
B) $260,000 
C) $255,000 
D) $425,000

Exhibit 17-2 in 2016, Omega Construction Began Work on a Contract with Contract