Assume That Funtime Corp - What Percentage Is Playground Complete?
A) 62

question 32

Multiple Choice

Assume that Funtime Corp. has agreed to construct a new playground for Durrey County for $2,300,000. Construction of the new playground will begin on March 17, 2012 and is expected to be completed in August 2013. At the signing of the contract Funtime Corp. estimates that the it will cost $1,600,000 to build the playground.
At the end of 2012 Funtime provided the following information about the project:
$\begin{array}{llcc}& \text {Costsincurred } & \text {Estimated costs } \\\underline{ \text { Year} }& \underline{\text {to date } } & \underline{\text { remaining} }\\2012&\$1,000,000&\$800,000\\\end{array}$
- What percentage is playground complete?

• A) 62.5%
• B) 43.5%
• C) 55.6%
• D) 50.0%

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Definitions:

Short-Term Notes Payable

Short-duration loans evidenced by promissory notes that a company must pay within a year or within its operating cycle, whichever is longer.