2017, Jett started work on a P35,000,000 co nformation was taken from Jett's 2017 acco P11.000,000 10,500,000 7,000,000 plete 21.000,000
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- PAPASA Co. has consistently used the percentage of completion to account for its construction projects. On January 31, 2017, the company began work on a P4,500,000 construction contract. At the inception date, the estimated cost of the construction was P3,375,000. The following relates to the project Gross profit – 2017 450,000 Cost incurred to date – 2018 2,700,000 Estimated cost to complete – 2018 900,000 Progress billings 2018 3,500,000 How much is the Gross Profit/Loss Realized in 2018? Kindly show your good accounting form for the solution. Thank you!Khodra Construction has consistently used the percentage-of-completion method of recognizing income. In 2021 Khodra started work on a $3,000,000 construction contract, which was completed in 2022. Progress billings were $1,100,000 and $1,900,000 for 2021 and 2022 respectively. Costs incurred were $900,000 and $1,800,000 for 2021 and 2022 respectively. $700,000 and $2,300,000 were collected in 2021 and 2022 respectively. The estimated cost to completed at the end of 2021 was $1,800,000 How much gross profit should Khodra have recognized in 2021? $AnswerAdler Construction Co. uses the percentage-of-completion method. In 2010, Adler began work on a contract for $3,300,000 and it was completed in 2011. Data on the costs are: Year Ended December 31 2010 2011 Costs incurred $1,170,000 $840,000 Estimated costs to complete 780,000 — For the years 2010 and 2011, Adler should recognize gross profit of
- Kiner, Inc. began work in 2024 on a contract for $21,000,000. Other data are as follows: Cost incurred to date $9,000,000 14,000,000 Estimated costs to complete $6,000,000 - Billings to date $7,000,000 $21,000,000 Collections to date $5,000,000 $18,000,000 If Kiner uses the cost -recovery method, the gross profit to be recognized in 2025 is A) $14,000,000 B) $7,000,000 c) 3,500,000 D) 3,400,000The following data relate to a construction job started by Worthington Co. during 2009: Total contract price................................................................ P300,000Actual costs incurred during 2002......................................... 60,000Estimated remaining costs.................................................... 120,000Billed to customer during 2002.............................................. 90,000Received from customer during 2003................................... 30,000 Under the completed-contract method, how much should Worthington recognize as gross profit for 2009?a. 0b. 40,000c. 80,000d. 100,000Solve the following problem in good accounting form. During 2009, Mason Construction, Inc. started work on a P 5,200,000 fixedprice construction contract to be completed in two years. The accounting records disclosed the following data for the year ended December 31, 2009: Cost incurred P 2,650,000Estimated cost to complete 2,720,000Progress billings 2,500,000Collections 2,000,000. What amount of net income or loss should have been recognized in 2009?
- Solve the following problem in good accounting form. Last year, Stone Builders, Inc. started work on a P10,600,000 constructioncontract which was completed this year. It has consistently used the percentage of completion method of recognizing income. Accounting data provided last year were as follows: Debit: Progress Billings P4,300,000; Credits: Cost incurred 3,450,000 Collections 3,900,000 Estimated cost to complete 3,630,000. What amount of this contract was recognized last year?Roger Inc. began work in 2021 on a contract for $8,400,000. Other data are as follows: 2021 2022 Costs incurred to date $3,600,000 $5,600,000 Estimated costs to complete 2,400,000 — Billings to date 2,800,000 8,400,000 Collections to date 2,000,000 7,200,000 Roger uses the percentage-of-completion method. Calculate the gross profit to be recognized in 2021.The Skyline Corporation began constructing a building with a contract price of P 43,800,000 in 2009. The ledgers of Skyline for 2010 shows the following accounts: Construction in Progress P 10,400,000 Accounts Receivable 3,200,000 Gross Profit earned 3,952,000 Progress billings to date 6,500,000. What was the amount of collection in 2009?
- Last year, Stone Builders, Inc. started work on a P10,600,000 construction contract which was completed this year. It has consistently used the percentage of completion method of recognizing income. Accounting data provided last year were as follows: Debit: Progress Billings P4,300,000; Credits: Cost incurred 3,450,000 Collections 3,900,000 Estimated cost to complete 3,630,000 What amount of this contract was recognized last year? Brave Corporation authorized Heart on January 1, 2010 to operate as a franchisee for an initial franchise fee of P2,500,000. Of this amount, P1,500,000 was received upon signing of the contract and the balance is due in two equal annual payments beginning January 1, 2011. The contract provides that the nonrefundable downpayment represents fair measure of the services already performed, however, substantial performance is still required of Brave. Collectibility of the note is reasonably certain. If the present value of the two annual payments is P895,000,…The information provided below was taken from the records of Chotoo Projects for the financialyear ended 31 May 2020.Extract of statement of comprehensive income for the year ended 31 May 2020RRevenue 480 000Direct costs 240 000Rent income 150 000Advertising 4 800Salaries and wages 90 000Rates and taxes 1 200Other operating expenses 80 000Additional information1. Revenue is calculated as direct cost plus 25%.2. Revenue is divided equally each month. Revenue is expected to increase by 18% for thefinancial year ending 31 May 2021.POSTGRADUATE DIPLOMA IN PROJECT MANAGEMENT – ACADEMIC AND ASSESSMENT CALENDARREGENT BUSINESS SCHOOL (RBS) January 2021 173. Fifty percent (50%) of the revenue is for cash and the balance is on credit. Debtorsnormally pay their accounts as follows:• 40% in the month of the invoice, and these debtors are entitled toa 5% discount;• 55% one month after the invoice;The balance is usually written off as bad debts.4. Purchases for June and July are expected to be 30…Josh Cablesource has sales for 2016 of $1,566,777. Information regarding resources for the year are as follows: Resources used Resources SuppliedAdministration $67,000.00 $90,000.00Depreciation $33,000.00 $37,000.00Energy $54,000.00 $125,000.00Training $20,000.00 $23,000.00Short term labor $89,000.00 $89,000.00Long term labor $433,000.00 $435,000.00Marketing $100,000.00 $112,000.00Prepare and activity based Income Statement like the one for exercise 10-53. Show me profit and profit percent.