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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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