Use the Following Information for Questions

question 39

Multiple Choice

Use the following information for questions. On April 1, Harmonica Corp.consigned 50 handcrafted benches to Organ Co.Harmonica's cost was $350 per bench.Total freight costs were $700, which were paid by Organ.On August 1, Harmonica received a cheque for $14,100 from Organ which included the following information: Revenue Recognition 6 - 21
-Flute Construction Corp.has consistently used the percentage-of-completion method. During 2014, Flute entered into a fixed-price contract to construct an office building for $6,000,000.Information relating to the contract is as follows: Under the earnings approach, contract costs incurred during 2015 were

• A)$1,440,000.
• B)$1,485,000.
• C)$1,575,000.
• D)$2,160,000.

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Definitions:

Quorum

The minimum number of members required to be present at a meeting to make the proceedings of that meeting valid.

Shareholders Meeting

A gathering of the shareholders of a company where decisions regarding the company's affairs are discussed and voted on.

Model Nonprofit Corporation Act (MNCA)

A template legislation that provides a basis for the statute governing nonprofit corporations in some states.

Quorum

The minimum number of members required to be present at a meeting to legally conduct business.