Use the Information Below to Answer the Following Questions

question 13

Multiple Choice

Use the information below to answer the following questions:
Multi-Storey Builders Ltd had a large 3-year project with total revenue of $8 000 000 and estimated total costs of $6 500 000. The project was 20% complete at the end of the first year, 70% complete at the end of the second year, and 100% complete at the end of the third year. Revenues and costs were as estimated.
-What profit was earned during the second year if the completed contract method was used?

• A) $300 000
• B) $750 000
• C) $1 050 000
• D) $0.

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Definitions:

Edfu

An Egyptian city known for its well-preserved Ptolemaic temple, dedicated to the falcon god Horus, which is one of the best-preserved temples in Egypt.

Temple

A building dedicated to religious or spiritual activities, such as worship and prayer, commonly associated with a particular deity or religion.

Horus

An ancient Egyptian god, typically depicted as a falcon or a man with a falcon's head, representing the sky, war, and hunting, and known as a protector of the pharaoh.

Canon

A rule (for example, of proportion). The ancient Greeks considered beauty to be a matter of “correct” proportion and sought a canon of proportion, for the human figure and for buildings. The fifth-century BCE sculptor Polykleitos wrote the Canon, a treatise incorporating his formula for the perfectly proportioned statue. Also, a church official who preaches, teaches, administers sacraments, and tends to pilgrims and the sick.