In 2014, Banjo Construction Corp.began work on a contract for $3,700,000.Other details follow: Banjo uses the percentage-of-completion method.For calendar 2014, Banjo should report gross profit of
A)$150,000.
B)$420,000.
C)$700,000.
D)$2,220,000.

Question

In 2014, Banjo Construction Corp.began work on a contract for $3,700,000.Other details follow:  Banjo uses the percentage-of-completion method.For calendar 2014, Banjo should report gross profit of
A)$150,000. 
B)$420,000. 
C)$700,000. 
D)$2,220,000.

Quizplus · Accepted Answer

The Answer of In 2014, Banjo Construction Corp.began work on a contract for $3,700,000.Other details follow:  Banjo uses the percentage-of-completion method.For calendar 2014, Banjo should report gross profit of
A)$150,000. 
B)$420,000. 
C)$700,000. 
D)$2,220,000.