In 2011,Huxley Corp

question 40

Multiple Choice

In 2011,Huxley Corp.began construction work under a three-year contract.The contract price is $800,000.Huxley used the percentage-of-completion method for financial accounting purposes.The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract.The financial presentations relating to this contract at December 31,2014,appear below.

How much cash was collected in 2014 on this contract?

• A)$32,000
• B)$35,000
• C)$47,000
• D)$50,000

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Definitions:

Chronically Underaroused

Describes a condition or state in which an individual consistently exhibits lower than average levels of physiological or psychological arousal.

Norepinephrine Systems

A network of neurons that release the neurotransmitter norepinephrine, involved in regulating stress, alertness, and arousal.

Sensation-Seeking

The pursuit of experiences and feelings that are varied, novel, complex, and intense, as a way to satisfy a personal need for excitement and adventure.

Genetic Influences

The contribution of genes to physical and behavioral traits, shaping an individual's characteristics and susceptibilities to various conditions.