Percentage-of-completion method of accounting

Reference no: EM13127108

A company used the percentage-of-completion method of accounting for a four-year contract. Which of the following items would be used to calculate the income recognized in the second year?

Income previously recognized/Progress billings to date

a. Yes/Yes

b. No/Yes

c. Yes/No

d. No/No

Reference no: EM13127108

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