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:

Everyday Practices

Routine actions and behaviors that individuals engage in daily, which reflect and reproduce societal norms and values.

Day-To-Day Lives

The routine and mundane aspects of daily human existence and activity.

Radical Reflexivity

An intense level of self-awareness and questioning of one's position, biases, and impact on the social and natural world.

Social Accomplishment

Achievements or milestones that are recognized and valued within a social context, such as academic, professional, or personal successes.