Pool Contractors (PC)entered into a Contract to Build a Solar

question 71

Multiple Choice

Pool Contractors (PC) entered into a contract to build a solar heated swimming complex for $1,800,000.Construction commenced on July 1,2017,with a planned completion date of December 31,2019.A summary of the related accounting information is provided below:

How much gross profit would be recognized in fiscal 2018 if PC uses the percentage of completion method?

• A)$50,000
• B)$100,000
• C)$130,000
• D)$180,000

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Definitions:

Paraphilic

Pertaining to paraphilias, which are unusual or atypical sexual interests, with some considered disorders based on their nature or effect on others.

Personality Disorders

A group of mental health conditions characterized by enduring patterns of thought, feeling, and behavior that are significantly different from cultural expectations, leading to distress or impaired functioning.

Treatment

The management and care of a patient for the purpose of combating disease or disorder.

Egodystonic

Thoughts and behaviours that do not coincide with one’s self-image (ego).