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 percentage-of-completion method of accounting.The portion of the total gross profit to be recognized in 2014 is
A)$75,000.
B)$100,000.
C)$300,000.
D)$400,000.

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 percentage-of-completion method of accounting.The portion of the total gross profit to be recognized in 2014 is
A)$75,000. 
B)$100,000. 
C)$300,000. 
D)$400,000.

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 percentage-of-completion method of accounting.The portion of the total gross profit to be recognized in 2014 is
A)$75,000. 
B)$100,000. 
C)$300,000. 
D)$400,000.

Use the Following Information for Questions