Use the following information for questions 86 through 88.
Gorman Construction Co. began operations in 2015. Construction activity for 2015 is shown below. Gorman uses the completed-contract method.
-Which of the following should be shown on the balance sheet at December 31, 2015 related to Contract 2?
A) Inventory, $680,000
B) Inventory, $820,000
C) Current liability, $680,000
D) Current liability, $1,500,000

Question

Use the following information for questions 86 through 88.
Gorman Construction Co. began operations in 2015. Construction activity for 2015 is shown below. Gorman uses the completed-contract method. 
-Which of the following should be shown on the balance sheet at December 31, 2015 related to Contract 2?
A) Inventory, $680,000 
B) Inventory, $820,000 
C) Current liability, $680,000 
D) Current liability, $1,500,000

Quizplus · Accepted Answer

The Answer of Use the following information for questions 86 through 88.
Gorman Construction Co. began operations in 2015. Construction activity for 2015 is shown below. Gorman uses the completed-contract method. 
-Which of the following should be shown on the balance sheet at December 31, 2015 related to Contract 2?
A) Inventory, $680,000 
B) Inventory, $820,000 
C) Current liability, $680,000 
D) Current liability, $1,500,000

Use the Following Information for Questions 86 Through 88