Early in 2021, Forest Ltd At the End of 2021, the Status of the Work

question 89

Multiple Choice

Early in 2021, Forest Ltd. signed a contract to construct a warehouse. Forest's management estimated the gross profit on the contract to be $740,000, as indicated by the following: $$\begin{array} { l | l | } \hline \text { Contract price } & \$ 3,500,000 \\\hline \text { Estimated costs } & 2,760,000 \\\hline \text { Estimated gross profit } & \$ 740,000 \\\hline\end{array}$$ At the end of 2021, the status of the work on the contract was as follows:
$$\begin{array} { | l | c | } \hline \text { Costs incurred to date } & \$ 1,350,000 \\\hline \text { Estimated costs to complete } & 1,650,000 \\\hline\end{array}$$ How much revenue can be recognized on this contract for 2021, assuming that Forest uses the
Percentage of completion basis for long-term construction contracts (round to nearest dollar) ?

• A)$333,000
• B)$863,333
• C)$1,575,000
• D)$1,711,957

Identify common handheld devices used by healthcare professionals.

Understand the data storage capacities of various removable disk drives.

Understand safety principles concerning office lighting to prevent accidents.

Identify appropriate music choices that contribute to the ambiance of various medical office settings.

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Definitions:

Flexible

The quality of being able to bend without breaking; adaptability to change or to accommodate new conditions.

Brittle

Refers to a physical property of materials that break easily without significant deformation.

Cranium

The skull; the eight bones of the head enclosing the brain; generally applied to the 28 bones of the head and face.

Cranial Bones

The bones that form the skull, protecting the brain and supporting the structures of the face.