A Construction Company Uses the Percentage-Of-Completion Method of Accounting The Portion of the Total Contract Income to Be Recognized

question 149

Multiple Choice

A construction company uses the percentage-of-completion method of accounting. In 2007, the company began work on a government contract which had a contract price of $4,000,000 and estimated costs of $3,000,000. Additional data were as follows: $\begin{array}{|l|l|l|}\hline & \mathbf{2 0 0 7} & \mathbf{2 0 0 8} \\\hline \text { Costs incurred during the year } & \$ 600,000 & \$ 2,550,000 \\\hline \text { Estimated costs to complete, as of } 12 / 31 / 2007 & 2,400,000 & \\\hline \text { Billing during the year } & 720,000 & 3,080,000 \\\hline \text { Collections during the year } & 500,000 & 3,100,000 \\\hline\end{array}$ The portion of the total contract income to be recognized during 2007 is:

• A) $120,000
• B) $200,000
• C) $250,000
• D) $1,000,000

Understand theories related to the causes of neurocognitive diseases, including autoimmune and viral theories.

Recognize the impact of aging on mental health, including an increase in certain disorders.

Identify lifestyle factors and interventions that may reduce the risk of developing neurocognitive disorders.

Understand the role of caregivers and the challenges they face in caring for individuals with neurocognitive disorders.

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Definitions:

LDL Production

The process by which the liver synthesizes low-density lipoprotein, a type of cholesterol that can accumulate in arteries and lead to heart disease.

Blood Lipid

Fats in the bloodstream, including cholesterol and triglycerides, that are indicators of heart health.

Diabetes

A chronic disease characterized by elevated levels of blood glucose (sugar) resulting from defects in insulin production, insulin action, or both.

Fatty Acids

Long hydrocarbon chains that are a major component of fats, important as sources of energy and in cell membrane structure.