36 Construction is constructing an office building under contract for Election Cafe. The contract calls for progress billings and payments of P620,000 each quarter. The total contract price is P7,440,000 and RegisterToVote estimates total costs of P7,100,000. RegisterToVote estimates that the building will take 3 years to complete, and commences construction on January 2, 2020. 36 At December 31, 2020, RegisterToVote estimates that it is 30% complete with the construction, based on costs incurred. What is the total amount of Revenue from Long-Term Contracts recognized for 2020 and what is the balance in the Accounts Receivable account assuming Election Cafe has not yet made its last quarterly payment? Revenue - 2,232,000 ; AR - 620,000 Revenue - 2,130,000 ; AR - 620,000 Revenue - 2,130,000 ; AR - 2,480,000 Revenue - 2,480,000 ; AR - 2,480,000 37 At December 31, 2021, RegisterToVote Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to P7,200,000 due to unanticipated price increases. What is the total amount of Construction Expenses that RegisterToVote will recognize for the year ended December 31, 2021? 3,195,000 3,270,000 3,150,000 5,400,000 38 At December 31, 2021, RegisterToVote Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to P7,200,000 due to unanticipated price increases. What is reported in the balance sheet at December 31, 2021 for RegisterToVote as the difference between the Construction in Progress and the Billings on Construction in Progress accounts, and is it a debit or a credit? 620,000 debit 440,000 debit 620,000 credit 1,690,000 credit
36 Construction is constructing an office building under contract for Election Cafe. The contract calls for progress billings and payments of P620,000 each quarter. The total contract price is P7,440,000 and RegisterToVote estimates total costs of P7,100,000. RegisterToVote estimates that the building will take 3 years to complete, and commences construction on January 2, 2020.
36
At December 31, 2020, RegisterToVote estimates that it is 30% complete with the construction, based on costs incurred. What is the total amount of Revenue from Long-Term Contracts recognized for 2020 and what is the balance in the Accounts Receivable account assuming Election Cafe has not yet made its last quarterly payment?
Revenue - 2,232,000 ; AR - 620,000
Revenue - 2,130,000 ; AR - 620,000
Revenue - 2,130,000 ; AR - 2,480,000
Revenue - 2,480,000 ; AR - 2,480,000
37
At December 31, 2021, RegisterToVote Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to P7,200,000 due to unanticipated price increases. What is the total amount of Construction Expenses that RegisterToVote will recognize for the year ended December 31, 2021?
3,195,000
3,270,000
3,150,000
5,400,000
38
At December 31, 2021, RegisterToVote Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to P7,200,000 due to unanticipated price increases. What is reported in the balance sheet at December 31, 2021 for RegisterToVote as the difference between the Construction in Progress and the Billings on Construction in Progress accounts, and is it a debit or a credit?
620,000 debit
440,000 debit
620,000 credit
1,690,000 credit
39
RegisterToVote Construction completes the remaining 25% of the building construction on December 31, 2022, as scheduled. At that time the total costs of construction are P7,500,000. What is the total amount of Revenue from Long-Term Contracts and Construction Expenses that RegisterToVote will recognize for the year ended December 31, 2022?
Revenue - 1,860,000 ; Expenses - 2,100,000
Revenue - 7,440,000 ; Expenses - 7,500,000
Revenue - 1,860,000 ; Expenses - 1,875,000
Revenue - 1,875,000 ; Expenses - 1,875,000
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