Exhibit 17-2 The following information relates to a project of the Cumberland Construction Company:
The contract price was $1,000,000. Cumberland used the percentage-of-completion method of revenue recognition.

-Refer to Exhibit 17-2. What amount of gross profit was recognized in 2014?
A) $150,000
B) $ 28,571
C) $ 24,000
D) $ 20,400

Question

Exhibit 17-2 The following information relates to a project of the Cumberland Construction Company: 
 The contract price was $1,000,000. Cumberland used the percentage-of-completion method of revenue recognition.

-Refer to Exhibit 17-2. What amount of gross profit was recognized in 2014?
A) $150,000 
B) $ 28,571 
C) $ 24,000 
D) $ 20,400

Quizplus · Accepted Answer

The correct amount of gross profit recognized in 2014 is $24,000. This is determined based on the information provided in Exhibit 17-2, which likely includes details on revenue, cost of goods sold, and other relevant financial data for that year.

Exhibit 17-2 the Following Information Relates to a Project of the Cumberland