#24 Answer 24. Hayes Construction Corporation contracted to construct a building for P1,500,000.d.b.P50,000Construction began in 20x4 and was completed in 20x5. Data relating to the contractsummarized below:Year Ended December 3120x420x5Costs incurred.....Estimated costs to complete....P600,000400,000P450,000Hayes uses the percentage-of-completion method (overtime) as the basis for incomerecognition. For the years ended December 31, 20x4, and 20x5, respectively, Hayes shouldreport gross profit ofP270,000 and P180,000.b. P900,000 and P600,000.25. Ube Construction Company has concica.С.P300,000 and P150,000.d.P0 and P450,000.

solution given Amount of contract 1,500,000 Cost in first year 600000 Cost incurred…

24. Hayes Construction Corporation contracted to constrUc Construction began in 20x4 and was completed in 20x5. Data relating to the controcte summarized below: 500,00 Year Ended December 31 20x5 P450,000 20x4 Costs incurred.. Estimated costs to complete. P600,000 400,000 - Haves uses the nercontae of

24. Hayes Construction Corporation contracted to constrUc Construction began in 20x4 and was completed in 20x5. Data relating to the controcte summarized below: 500,00 Year Ended December 31 20x5 P450,000 20x4 Costs incurred.. Estimated costs to complete. P600,000 400,000 - Haves uses the nercontae of

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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