14. What is the Construction in Progress, net of Progress Billings at December 31, 2021, using zero profit method?250,000 liability250,000 asset240,000 asset240,000 liabilityAny other amount On July 1, 2020, Oliver Construction Corp. contracted to build an officebuilding for Annalise Inc., for a total contract price of P1,950,000Contract cost incurred to date: 2020 - 150,000; 2021 - 1,200,000; 2022 -2,100,000Estimated costs to complete: 2020 - 1,350,000; 2021 - 800,000Billings to Annalise Inc.: 2020 - 300,000; 2021 - 1,100,000; 2022 - 550,000

Construction in Progress (CIP ) is the total cost incurred till date on the construction of the…

Answered: 14. What is the Construction in…

14. What is the Construction in Progress, net of Progress Billings at December 31, 2021, using zero profit method? 250,000 liability 250,000 asset 240,000 asset 240,000 liability Any other amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

14. What is the Construction in Progress, net of Progress Billings at December 31, 2021, using zero profit method?

250,000 liability

250,000 asset

240,000 asset

240,000 liability

Any other amount

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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