Ying Construction Company Entered into a Contract to Build a New

question 106

Multiple Choice

Ying Construction Company entered into a contract to build a new airport terminal for $2,500,000. Construction commenced on August 1, 2011, with a planned completion date of December 31, 2013. A summary of the costs, billings, and collections is provided below: Ying uses the percentage of completion method. What amount would appear as accounts receivable on Ying's December 31, 2012 balance sheet?

• A)$100,000
• B)$140,000
• C)$1,000,000
• D)$1,400,000

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Definitions:

Cultures

The characteristics and knowledge of a particular group of people, encompassing language, religion, cuisine, social habits, music, and arts.

Individuals

Distinct persons or entities, each seen as separate and unique from others.

Collectivistic Cultures

Societies that prioritize the needs and goals of the group over individual desires or goals, emphasizing interdependence among its members.

Individualistic Cultures

Societies that emphasize the needs, goals, and desires of the individual over those of the group or collective.