33.Sta. Clara Construction Company has used the cost to cost the percentage of completion method of recognizing revenue. In reviewing the records, Sta. Clara finds the following information regarding a recently completed building project for which the total contract was P20,000,000. Gross profit (loss) Cost incurred 2017 400,000 3,600,000 2018 1,400,000 2019 (200,000) 8,200,000 Sta. Clara wants to know how effectively the company operated during the last 3 years on this project and, since the information is not complete, has asked you to analyze the project as to the amount of revenue, costs, gross profit, and percermage of completion recognized during the 3 years.

33.Sta. Clara Construction Company has used the cost to cost the percentage of completion method of recognizing revenue. In reviewing the records, Sta. Clara finds the following information regarding a recently completed building project for which the total contract was P20,000,000. Gross profit (loss) Cost incurred 2017 400,000 3,600,000 2018 1,400,000 2019 (200,000) 8,200,000 Sta. Clara wants to know how effectively the company operated during the last 3 years on this project and, since the information is not complete, has asked you to analyze the project as to the amount of revenue, costs, gross profit, and percermage of completion recognized during the 3 years.

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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