In 2014,Modern Construction Company Entered into a Contract to Construct

question 92

Essay

In 2014,Modern Construction Company entered into a contract to construct a building for $5,000,000.The estimated cost to complete the building is $4,000,000 and the project will be completed in 2015.Modern incurred actual construction costs of $1,600,000 and $1,800,000 in 2014 and 2015,respectively.How much gross profit is recognized using the percentage-of-completion method in 2014 and 2015?

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Definitions:

Manifest Function

An explicit or intended, beneficial outcome of a structure or institution within society.

Athletic Shoes

Footwear specifically designed for sports and physical activities, offering various features to enhance performance, provide comfort, and support the feet.

Latent Functions

The less obvious, perhaps unintended functions of a social structure.

Classical Sociological Thinkers

Refers to early theorists in sociology, including Karl Marx, Max Weber, and Émile Durkheim, whose works laid the foundational concepts and perspectives in the field of sociology.