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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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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24. Hayes Construction Corporation contracted to construct a building for P1,500,000. d. b. P50,000 Construction began in 20x4 and was completed in 20x5. Data relating to the contract summarized below: Year Ended December 31 20x4 20x5 Costs incurred..... Estimated costs to complete.... P600,000 400,000 P450,000 Hayes uses the percentage-of-completion method (overtime) as the basis for income recognition. For the years ended December 31, 20x4, and 20x5, respectively, Hayes should report gross profit of P270,000 and P180,000. b. P900,000 and P600,000. 25. Ube Construction Company has concic a. С. P300,000 and P150,000. d. P0 and P450,000.
Transcribed Image Text:24. Hayes Construction Corporation contracted to construct a building for P1,500,000. d. b. P50,000 Construction began in 20x4 and was completed in 20x5. Data relating to the contract summarized below: Year Ended December 31 20x4 20x5 Costs incurred..... Estimated costs to complete.... P600,000 400,000 P450,000 Hayes uses the percentage-of-completion method (overtime) as the basis for income recognition. For the years ended December 31, 20x4, and 20x5, respectively, Hayes should report gross profit of P270,000 and P180,000. b. P900,000 and P600,000. 25. Ube Construction Company has concic a. С. P300,000 and P150,000. d. P0 and P450,000.
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