14. Calypso Inc. employs the cost-to-cost method in determining the percentage of completion for revenue recognition. The company's records show the following information on a recently completed project for a contract price of P11,000,000. Costs incurred Gross profit (loss) 2015 P1,980,000 220,000 2016 P5,610,000 770,000 2017 P? (110,000) Compute for the (1) total estimated construction costs at December 31, 2016, and (2) the actual costincurred during the year 2017. Mark only one oval. (1) P3,740,000; (2) P2,530,000 (1) P3,740,000; (2) P4,510,000 (1) P9,730,769; (2) P4,510,000 (1) P9,730,769; (2) P2,530,000 0000
14. Calypso Inc. employs the cost-to-cost method in determining the percentage of completion for revenue recognition. The company's records show the following information on a recently completed project for a contract price of P11,000,000. Costs incurred Gross profit (loss) 2015 P1,980,000 220,000 2016 P5,610,000 770,000 2017 P? (110,000) Compute for the (1) total estimated construction costs at December 31, 2016, and (2) the actual costincurred during the year 2017. Mark only one oval. (1) P3,740,000; (2) P2,530,000 (1) P3,740,000; (2) P4,510,000 (1) P9,730,769; (2) P4,510,000 (1) P9,730,769; (2) P2,530,000 0000
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 18RE
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