Monroe Construction Company uses the percentage-of-completion method of accounting. In 2015, Monroe began work on a contract it had received which provided for a contract price of $25,000,000. Other details follow: What should be the gross profit recognized in 2015?
A) $1,000,000
B) $13,000,000
C) $3,000,000
D) $5,000,000

Question

Monroe Construction Company uses the percentage-of-completion method of accounting. In 2015, Monroe began work on a contract it had received which provided for a contract price of $25,000,000. Other details follow:  What should be the gross profit recognized in 2015?
A) $1,000,000 
B) $13,000,000 
C) $3,000,000 
D) $5,000,000

Quizplus · Accepted Answer

The Answer of Monroe Construction Company uses the percentage-of-completion method of accounting. In 2015, Monroe began work on a contract it had received which provided for a contract price of $25,000,000. Other details follow:  What should be the gross profit recognized in 2015?
A) $1,000,000 
B) $13,000,000 
C) $3,000,000 
D) $5,000,000

Monroe Construction Company Uses the Percentage-Of-Completion Method of Accounting