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On July 1, 2020, Oliver Construction Corp. contracted to build an office building for Annalise Inc., for a total contract price of P1,950,000 Contract cost incurred to date: 2020 - 150,000; 2021 - 1,200,000; 2022 - 2,100,000 Estimated costs to complete: 2020 - 1,350,000; 2021 - 800,000 Billings to Annalise Inc.: 2020 - 300,000; 2021 - 1,100,000; 2022 - 550,000

On July 1, 2020, Oliver Construction Corp. contracted to build an office building for Annalise Inc., for a total contract price of P1,950,000 Contract cost incurred to date: 2020 - 150,000; 2021 - 1,200,000; 2022 - 2,100,000 Estimated costs to complete: 2020 - 1,350,000; 2021 - 800,000 Billings to Annalise Inc.: 2020 - 300,000; 2021 - 1,100,000; 2022 - 550,000

Intermediate Accounting: Reporting And Analysis
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 9MC
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12. What is the amount of Construction in Progress as of 12/31/2021, using percentage of completion method?

 

On July 1, 2020, Oliver Construction Corp. contracted to build an office building for Annalise Inc., for a total contract price of P1,950,000 Contract cost incurred to date: 2020 - 150,000; 2021 - 1,200,000; 2022 - 2,100,000 Estimated costs to complete: 2020 - 1,350,000; 2021 - 800,000 Billings to Annalise Inc.: 2020 - 300,000; 2021 - 1,100,000; 2022 - 550,000
Transcribed Image Text:On July 1, 2020, Oliver Construction Corp. contracted to build an office building for Annalise Inc., for a total contract price of P1,950,000 Contract cost incurred to date: 2020 - 150,000; 2021 - 1,200,000; 2022 - 2,100,000 Estimated costs to complete: 2020 - 1,350,000; 2021 - 800,000 Billings to Annalise Inc.: 2020 - 300,000; 2021 - 1,100,000; 2022 - 550,000
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