The following data relates to a construction job started by Sparky Company during 2016 Total Contract Price $100,000 Actual costs incurred during 2016 20,000 Estimated remaining costs 40,000 Billed to customer during 2016 30,000 Received from customer during 2016 10,000 Assuming that Sparky recognizes revenue over time according to percentage of completion, how much should Sparky recognize as gross profit for 2016 A) $33,333 B) $26,667 C) $13,333 D) $0

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Question: The following data relates to a construction job started by Sparky Company during 2016: Total Contract Price $100,000 Actual costs incurred during 2016 20,000 Estimated

The following data relates to a construction job started by Sparky Company during 2016:

Total Contract Price	$100,000
Actual costs incurred during 2016	20,000
Estimated remaining costs	40,000
Billed to customer during 2016	30,000
Received from customer during 2016	10,000

Assuming that Sparky recognizes revenue over time according to percentage of completion, how much should Sparky recognize as gross profit for 2016?

A)		$33,333
B)		$26,667
C)		$13,333
D)		$0

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