Nichols Construction Company (NCC)entered into a contract to build a shopping complex for $1,900,000. Construction commenced on July 1, 2011, with a planned completion date of December 31, 2013. A summary of the related accounting information is provided below: How much would the balance in accounts receivable be on the balance sheet of NCC at the end of 2012 if NCC uses the percentage of completion method?
A)$130,000
B)$390,000
C)$790,000
D)$1,100,000

Question

Nichols Construction Company (NCC)entered into a contract to build a shopping complex for $1,900,000. Construction commenced on July 1, 2011, with a planned completion date of December 31, 2013. A summary of the related accounting information is provided below:  How much would the balance in accounts receivable be on the balance sheet of NCC at the end of 2012 if NCC uses the percentage of completion method?
A)$130,000 
B)$390,000 
C)$790,000 
D)$1,100,000

Quizplus · Accepted Answer

The Answer of Nichols Construction Company (NCC)entered into a contract to build a shopping complex for $1,900,000. Construction commenced on July 1, 2011, with a planned completion date of December 31, 2013. A summary of the related accounting information is provided below:  How much would the balance in accounts receivable be on the balance sheet of NCC at the end of 2012 if NCC uses the percentage of completion method?
A)$130,000 
B)$390,000 
C)$790,000 
D)$1,100,000

Nichols Construction Company (NCC)entered into a Contract to Build a Shopping