Smile Operators Entered into a Contract to Build a Swimming

question 34

Multiple Choice

Smile Operators entered into a contract to build a 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 2018 if the company uses the completed contract method under ASPE?

• A)$0
• B)$120,000
• C)$220,000
• D)$250,000

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Definitions:

Traditional Sex-role Attitudes

Traditional sex-role attitudes refer to conventional views and expectations about the roles and behaviors appropriate for women and men in society, often based on historical or cultural norms.

Hypothesis

Hypothesis is a proposed explanation or assumption for a phenomenon, made as a starting point for further investigation or experimentation.

Sample Frame

The list or database from which a sample is drawn for a research study, representing the larger population of interest.

Approximates Population

An estimate of the number of individuals within a certain demographic or geographic area.