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Use the Following Information for Questions

Question 228

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Use the following information for questions. Piano Construction Corp.began operations in 2014.Construction activity for 2014 is shown below.Piano uses the completed-contract method. Use the following information for questions. Piano Construction Corp.began operations in 2014.Construction activity for 2014 is shown below.Piano uses the completed-contract method. -Which of the following should be shown on the statement of financial position at December 31, 2014 related to Contract 3? A) Unbilled contract costs, $140,000 B) Unbilled contract costs, $60,000 C) Accounts receivable, $760,000 D) Construction in process, $480,000
-Which of the following should be shown on the statement of financial position at December 31, 2014 related to Contract 3?


A) Unbilled contract costs, $140,000
B) Unbilled contract costs, $60,000
C) Accounts receivable, $760,000
D) Construction in process, $480,000

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