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 2013 if NCC uses the percentage of completion method?
A)$0
B)$250,000
C)$290,000
D)$800,000

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 2013 if NCC uses the percentage of completion method?
A)$0 
B)$250,000 
C)$290,000 
D)$800,000

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 2013 if NCC uses the percentage of completion method?
A)$0 
B)$250,000 
C)$290,000 
D)$800,000

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