In 2018, Cupid Construction Co. (CCC) began work on a two-year fixed price contract project. CCC recognizes revenue over time according to percentage of completion for this contract, and provides the following information (dollars in millions):
-How much cash remains to be collected by CCC on the project?
A) $70 million.
B) $202.5 million.
C) $240 million.
D) Cannot be determined from the given information.

Question

In 2018, Cupid Construction Co. (CCC) began work on a two-year fixed price contract project. CCC recognizes revenue over time according to percentage of completion for this contract, and provides the following information (dollars in millions):  
-How much cash remains to be collected by CCC on the project?
A) $70 million. 
B) $202.5 million. 
C) $240 million. 
D) Cannot be determined from the given information.

Quizplus · Accepted Answer

Total contract price of $345 million - cash collected to date of $105 million = $240 million remaining.