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 2016?
A) $ 29,375
B) $ 50,000
C) $117,500
D) $150,000

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 2016?
A) $ 29,375 
B) $ 50,000 
C) $117,500 
D) $150,000

Quizplus · Accepted Answer

The Answer of 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 2016?
A) $ 29,375 
B) $ 50,000 
C) $117,500 
D) $150,000

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