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:

Synaptic Vesicle

A small organelle within a neuron that stores neurotransmitters for release at the synaptic cleft.

Latin Word

A word from Latin, an ancient language that has influenced many modern languages, including English, Spanish, and French.

Neuron

A nerve cell that transmits information through electrical and chemical signals, playing a critical role in the functioning of the nervous system.

Excitatory Neurotransmitters

Chemical substances that promote the firing of neurons, facilitating communication within the brain and nervous system.