On 1 January 2016, Romulus Ltd Signed a Contract Worth

question 13

Multiple Choice

On 1 January 2016, Romulus Ltd signed a contract worth $21 000 000 to construct a light rail from A to B. The light rail was to be built over three years, with progress payments of $7 000 000 to be made at the end of each year. Estimated costs were $15 000 000 and the following costs incurred and paid by Romulus Ltd were in accordance with estimates and represented the percentage completed in each year: The project was completed in December 2018. Using the completed contract method, how much profit would Romulus Ltd report in 2018?

• A) $800 000
• B) $2 000 000
• C) $6 000 000
• D) None of the above

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Definitions:

Epilepsy

A neurological disorder marked by sudden recurrent episodes of sensory disturbance, loss of consciousness, or convulsions, associated with abnormal electrical activity in the brain.

Somatosensory Cortex

A part of the brain that processes sensory input from various parts of the body, including touch, temperature, and pain.

Parietal Lobe

A region of the cerebral cortex involved in processing sensory information from various parts of the body, understanding spatial orientation, and language and mathematics processing.

Left Hemisphere

The hemisphere of the brain that is typically responsible for the control of language, math, and logical thinking processes.