Noah Construction Company Is Building a Large Complex for a Contract

question 33

Multiple Choice

Noah Construction Company is building a large complex for a contract price of $5,000,000. This is a three-year project estimated to cost $4,000,000 and the following information is available:
$\begin{array}{llll}(\$ \text { in thousands) } & \text { Year 1 } & \text { Year 2 } & \text { Year 3 }\\\text { Costs incurred } & \$ 1,000 & \$ 1,500 & \$ 1,250 \\\text { Estimated completion costs } & \$ 3,000 & \$ 1,500 & \$ 10 \\\text { Billings } & \$ 750 & \$ 1,750 & \$ 2,500 \\\text { Cash collected } & \$ 500 & \$ 1,500 & \$ 3,000\end{array}$
-Using the percentage-of-completion method of revenue recognition,how much income is recognized in Year 2?

• A)$250,000
• B)$375,000
• C)$625,000
• D)$3,125,000

Discuss the concept of dumping and its impact on international trade.

Understand the relationship between trade barriers and economic growth.

Grasp the economic arguments for and against restricting free trade.

Identify the effects of import restrictions on domestic markets and economies.

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Definitions:

Epistaxis

Medical term for nosebleed, the common occurrence of bleeding from the nose.

Vertical Fissures

Long, narrow cracks or splits oriented vertically on a surface or structure, often referring to skin or geological formations.

Dehydration

A condition resulting from excessive loss of body water, leading to impaired body functions.

Tonsils

Lymphatic tissue located at the back of the throat, playing a role in the immune response to pathogens entering the body through the mouth or nose.