Tullis construction tullis construction enters into a long-term fixed price contract to build an office tower for $10,000,000. in the first year of the contract tullis incurs $3,000,000 of cost and the engineers determined that the remaining costs to complete are $5,000,000. tullis billed $4,000,000 in year 1 and collected $3,500,000 by the end of the end of the year. refer to tullis corporation. how much gross profit should tullis recognize in year 1 assuming the use of the completed contract method?

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With reference to the solutions, following things may be noted1) homogeneous solutions comprises of single phase.2) heterogeneous solution comprises of more than one phase.3) in colloidal solution, solute is evenly distributed in solvent. in such system, it is difficult to separate solute and solvent.4) in suspension, there is an uneven distribution of solute in solvent. in such system, solute and solvent gets separated on standing long.    blood is a homogeneous and colloidal solution,salad dressing is a heterogeneous and suspension solution.