The following are taken from the records of Peter Construction Company, which started a two-year project in 2018: Contract Price Costs incurred in 2018 Estimated costs to complete Billings to client Collections Project 2 P3,000,000 2,800,000 400,000 2,700,000 2,500,000 1. If Peter Construction Company used the input method, what amount of gross profit (loss) should be reported in its 2018 income statement?

The following are taken from the records of Peter Construction Company, which started a two-year project in 2018: Contract Price Costs incurred in 2018 Estimated costs to complete Billings to client Collections Project 2 P3,000,000 2,800,000 400,000 2,700,000 2,500,000 1. If Peter Construction Company used the input method, what amount of gross profit (loss) should be reported in its 2018 income statement?

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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