Question: Given the information in question 4 above, on its statement of financial position at December 31, 2014, what amount is reported in the cost of construction and billings presentation by Swallow?
(a) $40,000 costs in excess of billings.
(b) $1,020,000 costs in excess of billings.
(c) $40,000 billings in excess of costs.
(d) $20,000 billings in excess of costs.