During 2020, Bing Corp. started a construction job with a total contract price of $1,050,000. Bing has consistently used the completed contract method. The job was completed on December 15, 2021. Additional data are as follows:

		2020		2021
Actual costs incurred		$405,000		$457,000
Estimated remaining costs		405,000
Billings to date		360,000		690,000
Collections to date		200,000		480,000

For 2020, what amount should Bing recognize as gross profit?

$120,000

$0

$142,500

$187,500

2.

On June 1, Freedom Distributions (FD) shipped 100 TVs to Universal TV (UTV) on consignment. FD buys these TVs from their supplier for $600 each and UTV then retails them for $1,200 each. By the end of June, UTV reported that they had sold 60 of these consigned TVs, retains a 10% commission, and remitted the appropriate amount to FD. How much revenue should be recorded by FD in connection with this transaction?

$72,000

$36,000

$60,000

$48,000

3.

Monetary assets represent?

1. equity investments in other companies.

2. contractual rights to receive cash.

3. only cash.

4. cash or claims to future cash flows that are fixed and determinable in amounts and timing.