Table 17-1
in 2016, a Developer Sells Land For $\$ 800,000$

question 32

Multiple Choice

Table 17-1
In 2016, a developer sells land for $\$ 800,000$ . The cost of the land was $\$ 500,000$ . He receives a $\$ 200000$ down payment plus three instalments of $\$ 300,000$ , $\$ 200000$ and $\$ 100,000$ which will be paid in 2017, 2018 and 2019 . He uses the instalment method to record revenue. It is decided that $10 \%$ is the appropriate rate of interest.
-Refer to Table 17-1.What is the developer's gross profit?

• A)$500 000
• B)$300 000
• C)$200 000
• D)$800 000

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Definitions:

Labor Unions

Organizations that represent the collective interests of workers, negotiating wages, benefits, and working conditions with employers.

Secondary Boycott

An illegal labor action in which unionized employees who have a labor dispute with their employer boycott another company to force it to cease doing business with their employer.

Labor Dispute

A disagreement between employers and employees regarding employment conditions, such as wages, working hours, or workplace policies.

National Labor Relations Board

An independent federal agency in the United States tasked with enforcing US labor law in relation to collective bargaining and unfair labor practices.