Use the Following Information to Answers Questions

question 40

Multiple Choice

Use the following information to answers questions
During 2017, Indie Corp.started a construction job with a total contract price of $700,000.Indie has consistently used the completed contract method.The job was completed on December 15, 2017.Additional data are as follows:
-For 2017, what amount should Horn recognize as gross profit?

• A)$0
• B)$80,000
• C)$95,000
• D)$125,000

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Definitions:

Frontal Lobe

The part of the brain located in the front of the skull, responsible for complex cognitive functions, such as thinking, planning, problem-solving, and emotions.

Limbic System

A complex system of nerves and networks in the brain, involved in basic emotions (such as fear and pleasure), drives (such as those for food and sex), and the formation of memories.

Cognitive Development

The process by which individuals learn and progress in their ability to think, understand, and process information as they grow.

Formal Operations

The final stage in Piaget's theory of cognitive development, characterized by the ability to think abstractly, logically, and systematically.