Highrise Constructions Ltd Had a Large 3-Year Project with Total

question 55

Multiple Choice

Highrise Constructions Ltd had a large 3-year project with total revenue of $5 000 000 and estimated total costs of $4 200 000. The project was 25% complete at the end of the first year, 55% 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 first year if the percentage of completion method was used?

• A) $200 000
• B) $240 000
• C) $250 000
• D) $800 000.

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Definitions:

Cause Célèbre

A controversial issue or incident attracting a great deal of public attention.

Ethiopia

A country located in the Horn of Africa, known for its rich history, diverse cultures, and as one of the oldest locations of human life known to scientists.

Franz Boas

Known as the "father of American anthropology," Boas was a German-American anthropologist who developed the foundation for the culture concept and advocated for cultural relativism.

Social Construct

An idea or notion that has been created and accepted by the people in a society but is not based on natural laws.