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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%

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
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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Anton Builders constructs storage house. The projects generally take a number of months to Seasons Construction is constructing an office building under contract for Cannon Cafe. The 44. 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 the contract calls for progress billings and payments of P620,000 each quarter. The total contract 878 Use the following information for questions 40 to 43: complete. The company has three contracts in progress at the year ended 30 April: P 320,000 K P 540,000 P 20,000 Cost incurred to date. 220,000 90,000 Costs to complete Contract price 40,000 300 416,000 684,000 300,000 312,000 456,000 Work certified to date 250,000 480,000 Progress Payments Anton Builders accrues profit on its construction contracts using the percentage of completion derived from the sales earned as work certified compared to the total sales value. 40. Calculate total expected profit for the year: J K P 60,000 a. P 56,000 b. P104,000 C. P 96,000 d. P166,000 P 54,000 P 228,000 P 144,000 P 204,000 P 0 P280,000 P 41. The percentage of completion based on work certified to the total sales value: J c. 84.61% 79.82% Nothing Certified d. 76.92% 78.95% K a. 75.00% 66.67% Nothing certified b. 97.50% 84.44% 42. What amounts should be shown in the statement of profit or for profit based on work certified to the total sales value? 6.67% J K a. P 42,000 b. P 78,000 C. P 72,000 d. P 72,000 43. What amounts should be shown in the statement of financial position as work-in-proces P 36,000 P P 152,000 P P 96,000 P 96,000 P P 20,000 inventory? J K a. P112,000 b. P 72,000 P 96,000 P 20,000 P 228,000 P P 60,000 P 20,000 C. P 70,000 d. P Use the following information for questions 44 to 46: Seasons Construction is constructing an office building under contract for Cannon Cale. P building will take 3 years to complete, and commences construction on January 2, 20x4. based on costs incurred. What is the total
Transcribed Image Text:Anton Builders constructs storage house. The projects generally take a number of months to Seasons Construction is constructing an office building under contract for Cannon Cafe. The 44. 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 the contract calls for progress billings and payments of P620,000 each quarter. The total contract 878 Use the following information for questions 40 to 43: complete. The company has three contracts in progress at the year ended 30 April: P 320,000 K P 540,000 P 20,000 Cost incurred to date. 220,000 90,000 Costs to complete Contract price 40,000 300 416,000 684,000 300,000 312,000 456,000 Work certified to date 250,000 480,000 Progress Payments Anton Builders accrues profit on its construction contracts using the percentage of completion derived from the sales earned as work certified compared to the total sales value. 40. Calculate total expected profit for the year: J K P 60,000 a. P 56,000 b. P104,000 C. P 96,000 d. P166,000 P 54,000 P 228,000 P 144,000 P 204,000 P 0 P280,000 P 41. The percentage of completion based on work certified to the total sales value: J c. 84.61% 79.82% Nothing Certified d. 76.92% 78.95% K a. 75.00% 66.67% Nothing certified b. 97.50% 84.44% 42. What amounts should be shown in the statement of profit or for profit based on work certified to the total sales value? 6.67% J K a. P 42,000 b. P 78,000 C. P 72,000 d. P 72,000 43. What amounts should be shown in the statement of financial position as work-in-proces P 36,000 P P 152,000 P P 96,000 P 96,000 P P 20,000 inventory? J K a. P112,000 b. P 72,000 P 96,000 P 20,000 P 228,000 P P 60,000 P 20,000 C. P 70,000 d. P Use the following information for questions 44 to 46: Seasons Construction is constructing an office building under contract for Cannon Cale. P building will take 3 years to complete, and commences construction on January 2, 20x4. based on costs incurred. What is the total
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