Use the Following Information for Questions

question 56

Multiple Choice

Use the following information for questions.
In 2017, Hip-hop Inc.began a three year construction contract for $7,000,000.Hip-hop uses the percentage-of-completion method.The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract.The financial statement presentation relating to this contract for calendar 2017 follow:
-How much cash was collected in 2014 on this contract?

• A)$50,000
• B)$340,000
• C)$400,000
• D)$600,000

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Definitions:

Permeable

A characteristic of materials that are able to allow liquids or gases to pass through them, especially through pores or interstices.

Gray Matter

The darker-colored area of the central nervous system; abundant in nerve cell bodies, dendrites, and axon terminals, associated with processing and cognition.

Myelination

The process of forming a myelin sheath around nerves, enabling faster electrical impulse transmission.

White Matter

The part of the nervous system consisting mainly of myelinated neurons' axons, responsible for transmitting impulses between different areas of the central nervous system.