In 2009, Chicago Construction Began Work on a Three-Year Construction

question 141

Essay

In 2009, Chicago Construction began work on a three-year construction project to build a new performing arts complex (the "PAC"). The PAC contract price is $150 million. Chicago uses the percentage-of-completion method of accounting. At the end of 2009, the following financial statement information indicate the results to date for the PAC:
Required: Compute the following, placing your answer in the spaces provided and showing supporting computations below:

---

Definitions:

Leisure

Time spent away from business, work, job hunting, domestic chores, and education, as well as necessary activities such as eating and sleeping.

GDP

Gross Domestic Product is the aggregate value, in terms of money or market price, of all end products and services generated within the confines of a country during a certain period.

Socioeconomic Variables

Characteristics that define the social and economic factors of individuals or groups, such as income, education, and occupation.

Standard of Living

The scope of wealthiness, contentment, material commodities, and life's necessities accessible to a certain class within the social economy or a defined area.