62. The Giant Construction Company started work in three job sites during the current year, An costs incurred are expected to be recoverable. Data relating to the three jobs are diven below: Estimated costs Billings on contract P500,000 100,000 Collections Contract Price Costs Incurred to complete P375,000 100,000 100,000 on controct P500.000 100.000 Project 6 Project 7 Project.8 What would be the amount of Construction-in-Progress account to be reported on the yea end balance sheet if the (1)overtime/percentage-of-completion method, and (2) porte time/cost recovery method of construction acCounting were used? P500,000 700,000 P400,000 100,000 250,000 150,000 100.000 a. (1) P765,000; (2) P700,000 С. (1) P265,000; (2) P265,000 b. (1) P765,000; (2) P765,000 d. (1) P265,000; (2) P200,000
62. The Giant Construction Company started work in three job sites during the current year, An costs incurred are expected to be recoverable. Data relating to the three jobs are diven below: Estimated costs Billings on contract P500,000 100,000 Collections Contract Price Costs Incurred to complete P375,000 100,000 100,000 on controct P500.000 100.000 Project 6 Project 7 Project.8 What would be the amount of Construction-in-Progress account to be reported on the yea end balance sheet if the (1)overtime/percentage-of-completion method, and (2) porte time/cost recovery method of construction acCounting were used? P500,000 700,000 P400,000 100,000 250,000 150,000 100.000 a. (1) P765,000; (2) P700,000 С. (1) P265,000; (2) P265,000 b. (1) P765,000; (2) P765,000 d. (1) P265,000; (2) P200,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:882
CHAPTER 10
62. The Giant Construction Company started work in three job sites during the current yer, An
costs incurred are expected to be recoverable. Data relating to the three jobs are aiven
below:
Estimated costs
Billings on
contract
P500,000
100,000
150,000
Collections
Contract Price
Costs Incurred
to complete
on controct
P500.000
100,.000
100.000
Project 6
Project 7
Project.8
What would be the amount of Construction-in-Progress account to be reported on the yea-
end balance sheet if the (1)overtime/percentage-of-completion method, and (2) pon-
time/cost recovery method of construction accounting were used?
P500,000
700,000
P375,000
100,000
100,000
P400,000
100,000
250,000
(1) P765,000; (2) P700,000
(1) P765,000; (2) P765,000
Use the following information for questions 63 to 65:
a.
С.
(1) P265,000; (2) P265.000
b.
d.
(1) P265,000; (2) P200,000
with Cactus Development Co. Relevant data are summarized below:
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