Question 31 Under the percentage-of-completion method: Not yet answered Points out of 3.00 Flag question Select one: O a. Revenue, cost, and gross profit are recognized during the production cycle. o b. Revenue and cost are recognized during the production cycle, but gross profit recognition is deferred until the contract is completed. O c. Revenue, cost, and gross profit are recognized at the time the contract is completed. O d. Gross Profit is recognized during the production cycle, but net losses are delayed until the contract is completed. eston 32 St yet swered A company used the percentage-of-completion method of accounting for a 4-year construction contract. Which of the following items is needed to make the calculation of income recognized in the fourth year? ants out of 0 Flag question Select one: O a. Income Previously Recognized, but not the Contract Price O b. Contract Price, but not Income Previously Recognized O c. Both Contract Price and Income Previously Recognized O d. Neither Income Previously Recognized nor Contract Price ston 33 yet wered The Quinlan Construction Company began work on a three-year contract in 2022. In 2022, Collections were less than Billings, which were less than Costs plus Gross Profit recognized. The Billings amount would be used to determine a net amount for the balance sheet. That net amount would appear in s out of og question Select one: O a. Current Assets O b. Current Liabilities O c. Noncurrent Assets O d. Noncurrent Liabilities