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compute net income for 2010 using the percentage of completion method 625933

The following contract prices and costs relate to all of Orlando Construction Company”s long-term construction projects (in millions of dollars):

 

Contract Price

Prior to 2010

In 2010

Cost to Be Incurred in Future Years

On projects completed in 2010

$46

$4

$36

$0

On incomplete projects

144

24

48

48

General and administrative expenses for 2010 amounted to USD 1,200,000. Assume that the general and administrative expenses are not to be treated as a part of the construction cost.

a. Compute net income for 2010 using the completed-contract method.

b. Compute net income for 2010 using the percentage-of-completion method.

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