Hayes Construction Corporation Contracted to Construct a Building for $4,500,000

question 97

Multiple Choice

Hayes Construction Corporation contracted to construct a building for $4,500,000. Construction began in 2014 and was completed in 2015. Data relating to the contract are summarized below: Hayes uses the percentage-of-completion method as the basis for income recognition. For the years ended December 31, 2014, and 2015, respectively, Hayes should report gross profit of

• A) $810,000 and $540,000.
• B) $2,700,000 and $1,800,000.
• C) $900,000 and $450,000.
• D) $0 and $1,350,000.

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Definitions:

Racial Divides

Social and economic separations between people based on race, often manifesting in disparities in access to resources, opportunities, and fair treatment.

Religious Organizations

Institutions that facilitate the practice of religious beliefs, including churches, mosques, temples, and synagogues, among others.

Racial Identities

The sense of self or collective group identity based on one's perceived racial group, shaped by societal attitudes and personal experiences.

Ethnic Identities

The sense of belonging to a specific ethnic group, defined by shared cultural, linguistic, or ancestral traits.