In Early 2010, the Miami Company Signed a Contract for Construction

question 14

Multiple Choice

In early 2010, the Miami Company signed a contract for construction of an industrial park to be completed in three years.At that time, estimated total costs were $2, 250, 000, and estimated total revenues were $4, 000, 000.During 2010, Miami incurred costs of $960, 000 and collected $1, 100, 000.In December 2010, Miami recalculated total costs for the project to be $3, 200, 000 while estimated total revenues remained unchanged.What amount of profit (loss) should be recognized by Miami for 2010, using the percentage-of-completion method?

• A)$266, 667 profit
• B)$ 55, 000 loss
• C)$240, 000 profit
• D)$285, 000 loss

Understand the implications of innovation for environmental sustainability and social responsibility.

Understand the eligibility and basic conditions for receiving Social Security retirement benefits.

Comprehend the impact of retirement on personal finances, including work-related expenses and medical expenditures.

Recognize the implications of longer life expectancies on full retirement age and Social Security benefits.

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Definitions:

Electrical Appliances

Devices powered by electricity that perform daily tasks, such as household chores, cooking, or personal grooming.

Autoclave

A pressurized device used to sterilize equipment and supplies by subjecting them to high-pressure saturated steam at 121°C for around 15-20 minutes, depending on the item's size and material.

Unplug

To disconnect from electronic devices or power sources, figuratively implying taking a break from digital or stressful environments.

Peripheral Hard Drive

An external storage device used to store, backup, and transfer data from a computer or other digital devices.