Smile Operators Entered into a Contract to Build a Swimming

question 48

Multiple Choice

Smile Operators entered into a contract to build a swimming complex for $1,800,000. Construction commenced on July 1, 2011, with a planned completion date of December 31, 2013. A summary of the related accounting information is provided below: How much gross profit would be recognized in 2012 if the company uses the completed contract method under ASPE?

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

Analyze the effects of discrimination on employment, income distribution, and the overall economy.

Recognize different models of economic discrimination, such as the crowding model, and their implications.

Interpret data and diagrams related to income distribution, economic discrimination, and employment patterns.

Distinguish between various measures of income inequality, including the Gini ratio and the Lorenz curve.

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Definitions:

Opportunity Cost

The disqualification of possible advantages obtainable from other scenarios when one is embraced.

Motorcycles

Two-wheeled motor vehicles that are often used for transportation, recreation, or sport, known for their maneuverability and speed.

Hybrid Cars

Vehicles powered by a combination of an internal combustion engine and one or more electric motors, using energy stored in batteries.

Opportunity Cost

Opportunity Cost is the value of the next best alternative foregone as the result of making a decision.