Exhibit 17-2 in 2016, Omega Construction Began Work on a Contract with Contract

question 78

Multiple Choice

Exhibit 17-2
In 2016, Omega Construction began work on a contract with a price of $850,000 and estimated costs of $595,000. Data for each year of the contract are as follows:
-Refer to Exhibit 17-2. Assuming the performance obligation is satisfied over time, what would be the balance in Construction in Progress at the end of 2017?

• A) $557,600
• B) $659,600
• C) $680,000
• D) $782,000

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Definitions:

Nuclear Envelope

The double membrane structure that surrounds the nucleus in eukaryotic cells, separating the contents of the nucleus from the cytoplasm.

Telophase

The final phase of cell division, during which chromosomes de-condense, nuclear envelopes re-form around the daughter nuclei, and cytokinesis usually occurs, resulting in two separate cells.

Anaphase

Stage of mitosis during which sister chromatids separate and move toward opposite spindle poles.

Opposite Poles

Refers to the two extremities of an axis, having completely contrasting characteristics, typically used in the context of magnets or geographical poles.