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4. Calculate the percentage of completion during 20x5

4. Calculate the percentage of completion during 20x5

FINANCIAL ACCOUNTING
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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PLEASE ANSWER THE NO. 4 QUESTION

In 20x5, Chicago Construction began work on a three-year construction project to build a new IX - Incomplete Data performing arts complex (the "PAC"). The PAC contract price is P150 million. Chicago usehew percentage-of-completion method of accounting. At the end of 20x5, the following fine Ihe statement information indicates the results to date for the PAC: Income Statement: Revenue Cost of Construction. Gross profit. P 2 million 35 million P ?million Balance Sheet: Accounts Receivable from construction billings. Construction in progress. Less: Billings on construction Net billings in excess of construction in progress Cash Flow Statement P 14 million P.50 million (P ? million) P million Cash Collections P 46 million Required: Compute the following, placing your answer in the spaces provided and showing supporting computations below: 1. Total revenue recognized during 20x5 2. Billings on construction 3. Net in excess of construction in progress 4. Calculate the percentage of completion during 20x5
Transcribed Image Text:In 20x5, Chicago Construction began work on a three-year construction project to build a new IX - Incomplete Data performing arts complex (the "PAC"). The PAC contract price is P150 million. Chicago usehew percentage-of-completion method of accounting. At the end of 20x5, the following fine Ihe statement information indicates the results to date for the PAC: Income Statement: Revenue Cost of Construction. Gross profit. P 2 million 35 million P ?million Balance Sheet: Accounts Receivable from construction billings. Construction in progress. Less: Billings on construction Net billings in excess of construction in progress Cash Flow Statement P 14 million P.50 million (P ? million) P million Cash Collections P 46 million Required: Compute the following, placing your answer in the spaces provided and showing supporting computations below: 1. Total revenue recognized during 20x5 2. Billings on construction 3. Net in excess of construction in progress 4. Calculate the percentage of completion during 20x5
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