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:

Pruritus

The medical term for itchiness, a sensation that leads to the desire to scratch.

Dryness

The state of being free from moisture or liquid.

Inflammation

A biological response to harmful stimuli, characterized by redness, warmth, swelling, and pain in the affected tissues.

Retin-A

A brand name for tretinoin, a derivative of vitamin A used in the treatment of acne and other skin conditions to promote skin renewal.