Subject: AFAR#41 Anton Builders constructs storage house. The projects generally take a number of months toSeasons Construction is constructing an office building under contract for Cannon Cafe. The44. At December 31, 20x4, Seasons estimates that it is 30% complete with the construction,price is P7,440,000 and Seasons estimates total costs of P7,100,000. Seasons estimates that thecontract calls for progress billings and payments of P620,000 each quarter. The total contract878Use the following information for questions 40 to 43:complete. The company has three contracts in progress at the year ended 30 April:P 320,000KP 540,000P 20,000Cost incurred to date.220,00090,000Costs to completeContract price40,000300 416,000684,000300,000312,000456,000Work certified to date250,000480,000Progress PaymentsAnton Builders accrues profit on its construction contracts using the percentage of completionderived from the sales earned as work certified compared to the total sales value.40. Calculate total expected profit for the year:JKP 60,000a. P 56,000b. P104,000C. P 96,000d. P166,000P 54,000P 228,000P 144,000P 204,000P 0P280,000P41. The percentage of completion based on work certified to the total sales value:Jc. 84.61% 79.82% Nothing Certifiedd. 76.92% 78.95%Ka. 75.00% 66.67% Nothing certifiedb. 97.50% 84.44%42. What amounts should be shown in the statement of profit or for profit based on work certifiedto the total sales value?6.67%JKa. P 42,000b. P 78,000C. P 72,000d. P 72,00043. What amounts should be shown in the statement of financial position as work-in-procesP 36,000 PP 152,000PP 96,000P 96,000 PP 20,000inventory?JKa. P112,000b. P 72,000P 96,000 P 20,000P 228,000 PP 60,000 P 20,000C. P 70,000d. PUse the following information for questions 44 to 46:Seasons Construction is constructing an office building under contract for Cannon Cale.Pbuilding will take 3 years to complete, and commences construction on January 2, 20x4.based on costs incurred. What is the total

Below is the answer for Part 41-

Answered: 41. The percentage of completion based…

41. The percentage of completion based on work certified to the total sales value: K J K 75.00% 66.67% Nothing certified c. 84.61% 79.82% Nothing Certified d. 76.92% 78.95% a. b. 97.50% 84.44% 6.67%

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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