Jackson Construction built a levee for the state of Mississippi over a three-year period.The contracted price for the levee was $1,200,000.The costs incurred by Jackson and the payments from the state over the three year period are as follows:
-If revenue is recognized in proportion to the costs incurred by Jackson, how much net income is reported in 2011?
A) $600,000
B) $400,000
C) $300,000
D) $100,000

Question

Jackson Construction built a levee for the state of Mississippi over a three-year period.The contracted price for the levee was $1,200,000.The costs incurred by Jackson and the payments from the state over the three year period are as follows:  
-If revenue is recognized in proportion to the costs incurred by Jackson, how much net income is reported in 2011?
A) $600,000 
B) $400,000 
C) $300,000 
D) $100,000

Quizplus · Accepted Answer

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Jackson Construction Built a Levee for the State of Mississippi