Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 6. roland co. began a construction project in 2021

6. Roland Co. began a construction project in 2021 with a contract price of $150...

60.1K

Verified Solution

Question

Accounting

6. Roland Co. began a construction project in 2021 with a contract price of $150 million to be received when the project is completed in 2023. During 2021, Roland incurred $36 million of costs and estimates an additional $84 million of costs to complete the project. Roland recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed.
In 2022, Roland incurred additional costs of $58.5 million and estimated an additional $40.5 million in costs to complete the project. Roland:
A) Recognized $15 million gross profit on the project in 2022.
B) Recognized $13.5 million gross profit on the project in 2022.
C) Recognized $6 million gross profit on the project in 2022.
D) Recognized $1.5 million gross profit on the project in 2022.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

9. Suppose Blue Thumb Tools is considering the introduction of a new, heavier hammer to be...

Biology
1.2K views

and are common causes of poultry-associated foodborne illness and the...

Biology
1.2K views

Identify the Gerund in the following sentence: Ted listened to the raucous honking of the...

Biology
1.2K views

important component of distinguishing science from pseudoscience is being able to distinguish that information is...

Physics
1.2K views

4 Stoj Body is projected vertically upward from the surface of the earth with a...

Basic Math
1.2K views

A new candle 24 centimeters tall burns atthe rate of 5 centimeters per hour.11.Write a...

Calculus
1.2K views

If a pencil weighs 0 085 kilograms it weighs g

Calculus
1.2K views

f(x)=?4x-5g(x) = 5x-1Find f-g and fg. Then, give their domains using interval notation.(f - g)(x)...

Algebra
1.2K views

survey to determine the remationsmp between gender and subject preference A total of 56 students...

Algebra
1.2K views

5 Factor the expression over the set of complex numbers 36x 100 Deen the fanation...

Accounting
1.2K views

Using indirect methods to estimate assets controlled by an entity, or income to...

Accounting
1.2K views

Afurniture manufacturer specializes in wood tables. The tables sell for 100...