Use the following information for questions. Clarinet Ltd.began work in 2014 on a contract for $1,200,000.Other details follow:
-Assume that Clarinet uses the completed-contract method of accounting.The portion of the total gross profit to be recognized in 2015 is
A)$150,000.
B)$225,000.
C)$387,500.
D)$1,200,000.

Question

Use the following information for questions. Clarinet Ltd.began work in 2014 on a contract for $1,200,000.Other details follow: 
-Assume that Clarinet uses the completed-contract method of accounting.The portion of the total gross profit to be recognized in 2015 is
A)$150,000. 
B)$225,000. 
C)$387,500. 
D)$1,200,000.

Quizplus · Accepted Answer

The Answer of Use the following information for questions. Clarinet Ltd.began work in 2014 on a contract for $1,200,000.Other details follow: 
-Assume that Clarinet uses the completed-contract method of accounting.The portion of the total gross profit to be recognized in 2015 is
A)$150,000. 
B)$225,000. 
C)$387,500. 
D)$1,200,000.

Use the Following Information for Questions