Heineken Co began a construction project in2014 at a total contract price of $150 million The projec

Heineken Co began a construction project in2014 at a total contract price of $150 million The project is scheduled for completion by 2016 During 2014, Heineken incurred $36 million of costs and estimates an additional $84 million of costs to complete the project In 2015, Heineken incurred costs of $585 million and estimated an additional $405 million in costs to complete the project Heineken uses the percentage-of-completion method to account for its projects

_____12 In their 2014 income statement, Heineken would:

A) Recognized no gross profit or loss on the project

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B) Recognized a $6 million loss on the project

C) Recognized $9 million gross profit on the project

D) Recognized $36 million loss on the project

_____ 13 In their 2015 income statement, Heineken would:

A) Recognized $15 million gross profit on the project

B) Recognized $135 million gross profit on the project

C) Recognized $6 million gross profit on the project

D) Recognized $15 million gross profit on the project

_____ 14 Assume that Heineken incurred costs of $6375 million in 2015 and estimated it would cost an additional $4275 million to complete the project In their 2015 income statement, Heineken would:

A) Recognize a $375 million loss on the project

B) Recognize a $525 million gross profit on the project

C) Recognize a $75 million gross profit on the project

D) Recognize no gross profit or loss on the project

 

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