20x4 20x5 Cost incurred during the year. Estimated costs to complete Billings during the year. Cash collections during the year P1,300,000. P1,500,000 1,200,000 1,200,000 1,300,000 1,500,000 1,000,C00 Required: 1. Prepare the journal entries, under: a. Percentage of completion (over time) method using cost-to-cost method b. Cost recovery method (also known as zero-profit approach) or point in time 2. Compute the due from/to customers: a. Percentage of completion (over time) method using cost-to-cost method b. Cost recovery method (also known as zero-profit approach) or point in time 3. Compute the gross profit (loss) a. Percentage of completion (over time) method using cost-to-cost method b. Cost recovery method (also known as zero-profit approach) or point in time

20x4 20x5 Cost incurred during the year. Estimated costs to complete Billings during the year. Cash collections during the year P1,300,000. P1,500,000 1,200,000 1,200,000 1,300,000 1,500,000 1,000,C00 Required: 1. Prepare the journal entries, under: a. Percentage of completion (over time) method using cost-to-cost method b. Cost recovery method (also known as zero-profit approach) or point in time 2. Compute the due from/to customers: a. Percentage of completion (over time) method using cost-to-cost method b. Cost recovery method (also known as zero-profit approach) or point in time 3. Compute the gross profit (loss) a. Percentage of completion (over time) method using cost-to-cost method b. Cost recovery method (also known as zero-profit approach) or point in time

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 34E

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