Use the Following Information for Questions

question 19

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:
-What was the initial estimated gross profit on this contract?

• A)$762,860
• B)$810,462
• C)$1,300,408
• D)$1,729,412

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Definitions:

Sympathetic

Refers to the part of the autonomic nervous system that typically prepares the body for action and stress responses, often described as the "fight or flight" system.

Parasympathetic Nervous Systems

A division of the autonomic nervous system that conserves energy by slowing the heart rate and increasing intestinal and glandular activity.

Sensory Input

Information received by the body's sensory systems, such as sight, sound, touch, taste, and smell, which is then processed by the brain.

Motor Control

The method through which humans and animals employ their brain and nervous system to initiate and manage the movements and limbs necessary for executing a motor skill.