mutliple choice question 458881

Seasons Construction is constructing an office building under contract for Cannon Cafe. The contract calls for progress billings and payment of $620,000 each quarter. The total contract price is $7,440,000 and Seasons estimates total costs of $7,100,000. Seasons estimates that the building will take 3 years to complete, and commences construction on January 2, 2010. At December 31, 2010, Season estimates that it is 30% complete with the construction, based on costs incurred. What is the total amount of Revenue from Long-term contracts recognized for 2010 and what is the balance in the Accounts Receivable account assuming Cannon Cafe has not yet made its last quarterly payment?

2,232,000/620,000

2,130,000/2,480,000

2,480,000/2,480,000

2,130,000/620,000

Don't use plagiarized sources. Get Your Custom Essay on
mutliple choice question 458881
For $10/Page 0nly
Order Essay
Calculator

Calculate the price of your paper

Total price:$26

Need a better grade?
We've got you covered.

Order your paper