A Company has used the cost-to-cost percentage-of-completion (Over time) method of recognizing revenue. The following information regarding a recently completed building project for which the total contract price was P2,000,000. Description Gross profit (loss) Cost incurred each year 360,000 ? 2018 2019 2020 |P40,000|P140,000이 P(20,000)| 820,000 What was the total estimated gross profit by the end of 2019?
A Company has used the cost-to-cost percentage-of-completion (Over time) method of recognizing revenue. The following information regarding a recently completed building project for which the total contract price was P2,000,000. Description Gross profit (loss) Cost incurred each year 360,000 ? 2018 2019 2020 |P40,000|P140,000이 P(20,000)| 820,000 What was the total estimated gross profit by the end of 2019?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 25E: Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and...
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