When using the percentage-of-completion method to account for a long term contract, the gross profit recognized in the first year of a three-year construction project generally is the estimate of total gross profit from the project multiplied by the ratio of: Multiple Choice Actual costs incurred to date to estimated total costs. O Estimated total costs to estimated costs to complete. O Estimated costs to complete to estimated total costs. O Estimated costs to complete to actual costs incurred to date. Which of the following statements is true regarding the aging method for estimating uncollectibles? Multiple Choice It highlights the matching principle and the income statement It emphasizes the net realizable value of accounts receivable and the balance sheet. It recognizes bad debt expense when the accounts are confirmed as uncollectible. O It determines current bad debt expense directly as an average rate of accounts receivable.