4. VILLAR Construction entered into a fixed price contract with CITI LIFE on July 1, 2017 to construct a medium rise condominium. At that time VILLAR estimated that it would take between two to three years to complete the project. The total contract price for constructing the building is P 4,500,000. VILLAR accounts this contract under the percentage of completion method. The building was deemed completed on December 31, 2018. Estimated percentage of completion, accumulated contract costs incurred, estimated costs to complete the contract and accumulated building under the contract were as follows: At Dec 31, 19 At Dec 31, 18 60% At Dec 31, 17 30% P1,140,000 2,660,000 1,600,000 100% Percentage of Completion Contract costs incurred Estimated Costs of Complete Progress Billings P2, 820,000 1,880,000 2,700,000 P4, 800,000 4,500,000 The amount of gross profit to appear on the income statement for the period ended 2019 is:

4. VILLAR Construction entered into a fixed price contract with CITI LIFE on July 1, 2017 to construct a medium rise condominium. At that time VILLAR estimated that it would take between two to three years to complete the project. The total contract price for constructing the building is P 4,500,000. VILLAR accounts this contract under the percentage of completion method. The building was deemed completed on December 31, 2018. Estimated percentage of completion, accumulated contract costs incurred, estimated costs to complete the contract and accumulated building under the contract were as follows: At Dec 31, 19 At Dec 31, 18 60% At Dec 31, 17 30% P1,140,000 2,660,000 1,600,000 100% Percentage of Completion Contract costs incurred Estimated Costs of Complete Progress Billings P2, 820,000 1,880,000 2,700,000 P4, 800,000 4,500,000 The amount of gross profit to appear on the income statement for the period ended 2019 is:

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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