8. How much is the Gross Profit/Loss Realized in 2018? *Triple Take Construction Co. began construction of a project in 2017 for a contract price of P9,600,000. Theproject is to be completed in 4 years or in the year 2021. The following are the details regarding the constructionproject201720182019Costs inenered to dnteEstimsted cost to completeProgess Billings to dnteCash Collectiona for the year2160,0004,500,0007,520,0006840,0005,500,0001,690, 0002,304,0004,320,0007,680,0001,728.0003,240,0005,760,0009. How much is the Gross Profit/Loss Realized in 2019? *Xurpas Homes entered into a construction agreement in 2018 for the construction of condominiumbuildings. The original contract price was P20,000,000 but a change order was issued in 2019 thatincreases the price by P2,000,000. The percentage of completion method is used by the company inrecognizing revenue. The following are information regarding the company.201810,200,00010,200,0009,800,0008,760,000 15,000,0002019Costs incurred to dateEstimated Costs to CompleteBillings MadeCash Collections17,400,0004,350,00016,350,00010. How much is the contract revenue to date în the year 2019? *Double Dragon receives a contract to build a building over a period of 3 years for a price of P14,000,000.Information relating to the performance of the contract is summarized as follows:2017Construction Costs incurred- yearly 3,000,000 4,840,000 3,360,00020182019Estimated Costs to Complete7,000,000 3,360,000Billings during the yearCollections during the year2,400,000 5,200,000 6,400,0002,000,000 5,400,000 6,600,000 6. How much is the Gross Profit/Loss Realized in 2018? *Celestial Holdings Co. began constructing a condominium on January 1, 2017 for a contract price ofP1,250,000. The entity has assured collection of its contract and the costs can be reliably estimated. For theyear ended December 31, 2018, Celestial billed its client an additional 60% of the contract price. Data relatingto the construction are as follows:201720182019Construction in ProgessEstimated Cost to CompleteCost Incurred300,000250,000600,000 112,500Excess of CIP over PB25,000 (125,000)7. How much is the Gross Profit/Loss Realized in 2018? *PAPASA Co. has consistently used the percentage of completion to account for its construction projects. OnJanuary 31, 2017, the company began work on a P4,500,000 construction contract. At the inception date, theestimated cost of the construction was P3,375,000. The following relates to the projectGross Profit- 2017450,000Cost incurred to date- 20182,700,000Estimated cost to complete- 2018Progress billings 2018900,0003,500,000

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8. How much is the Gross Profit/Loss Realized in 2018? Taiple Take Construction Co. began construction of a project in 2017 for a contract price of P9,600,000. The project is to be completed in 4 years or in the year 2021. The following are the details segarding the construction project: 2017 2018 2019 Costs inenered to date Estimated cont to complete Progen Bilings to date Cash Collectiona for the year 2160,000 4,500,000 7,530,000 6640,000 5,500,000 1,650,000 2304,000 4330,000 7,680,000 1,78.000 3,240,000 5,760,000

8. How much is the Gross Profit/Loss Realized in 2018? Taiple Take Construction Co. began construction of a project in 2017 for a contract price of P9,600,000. The project is to be completed in 4 years or in the year 2021. The following are the details segarding the construction project: 2017 2018 2019 Costs inenered to date Estimated cont to complete Progen Bilings to date Cash Collectiona for the year 2160,000 4,500,000 7,530,000 6640,000 5,500,000 1,650,000 2304,000 4330,000 7,680,000 1,78.000 3,240,000 5,760,000

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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How much is the Gross Profit/Loss Realized in 2018? Triple Take Construction Co. began construction of a project in 2017 for a contract price of P9,600,000. The project is to be completed in 4 years or in the year 2021. The following are the details regarding the construction project: 2017 2018 2019 Costs incurred to date 2160,000 4,500,000 7,520,000 Estimated cost to complete Progress Billings to date Cash Collections for the year 6,840,000 5,500,000 1,880,000 2304,000 4,320,000 7,680,000 1,728,000 3,240,000 5,760,000
Triple Take Construction Co, began construction of a project in 2017 for a contract price of P9,600,000. The project is to be completed in 4 years or in the year 2021. The following are the details regarding the construction project. 2018 4,500,000 5,500,000 4,320,000 3,240,000 2019 7,520,000 1,880,000 7,680,000 5,760,000 2017 Costs Incurred to Date Estimated Costs to Complete Progress Billings to Date Cash Collection for the Year 2,160,000 6,840,000 | 2,304,000 1,728,000 How much is the gross profit/loss realized in 2018?
How much is the Gross Profit/Loss Realized in 2018? Celestial Holdings Co. began constructing a condominium on January 1, 2017 for a contract price of P1,250,000. The entity has assured collection of its contract and the costs can be reliably estimated. For the year ended December 31, 2018, Celestial billed its client an additional 60% of the contract price. Data relating to the construction are as follows: 2017 2018 2019 Construction in Progress Estimated Cost to Complete 300,000 Cost Incurred 250,000 600,000 112,500 Excess of CIP over PB 25,000 (125,000)
GinebraCorporation recognizes construction revenue and cost using the percentage of completion method. During 2021, a single long-term project was begun which continued through 2021. Information on the project follows: 2021. 2022 Partial billing on contract 1,000,000. 4,200,000 Accounts receivable 1,000,000 3,000,000 Construction cost 1,050,000 1,920,000 Construction in progress 1,220,000 3,640,000 What is the gross profit recognized from this long-term construction contract in year 2021 and 2022, respectively? 2021 2022 A.220,000. 2,280,000 B.170,000. 500,000 C.220,000. 1,000,000 D.170,000. 1,280,000
Hh1. In 2020, Solid Construction Co. (SCC) began work on a two-year fixed-price contract project. SCC uses the percentage-of-completion method to account for such projects and provides you with the following information (dollars in millions): ACCOUNT RECEIVABLE (FROM CONSTRUCTION BILLINGS) $37.5 ACTUAL CONSTRUCTION COSTS INCURRED IN 2020 $135 CASH COLLECTED ON PROJECT DURING 2020 $105 CONSTRUCTION IN PROGRESS, 12/31/2020 $207 ESTIMATED PERCENTAGE OF COMPLETION DURING 2020 60% How much cash remains to be collected by SCC on the project?
The total contract price of the project is P 1,200,000. This was constructed as follows: Year Cost for the year Completion as of the year 2016 P 432,000 60% 2017 P 184,250 85% 2018 P 103,750 100% The net income to be reported in 2018 under percentage of completion is –
How much is the Gross Profit/Loss Realized in 2018? PAPASA Co. has consistently used the percentage of completion to account for its construction projects. On January 31, 2017, the company began work on a P4,500,000 construction contract. At the inception date, the estimated cost of the construction was P3,375,000. The following relates to the project Gross Profit- 2017 450,000 Cost incurred to date- 2018 2,700,000 Estimated cost to complete- 2018 900,000 Progress billings 2018 3,500,000
Casio Co. recognizes construction revenue and expenses using the percentage-of-completion method. During 2020, a single long-term project was begun, which continued through 2018 Information on the project follows: 12/31 Accounts Receivable balance Construction expenses for year Gross Profit recognized in year Bangs during year The 12/31/21 CIP balance is Select one O $50,000 Ob 1322,000 O 1619.000 Od $106.000 O $112,000 2020 $100,000 105,000 122,000 100,000 20121 $300.000 192,000 200,000 420.000
Paul Constructions has entered into a contract beginning January 1, 2020, to build a pool. It has been estimated that the pool will cost P300,000, and will take three years to construct. The pool will be billed to the purchasing at P450,000. The following data pertain to the construction period. 2020 135,000 165,000 2021 210,000 90,000 2022 0 Cost to date: Estimated cost to complete. Progress billing to date. Cash collected to date 135.000 120.000 275.000 250,000 450,000 450.000 During 2020, Costs incurred include P15,000 standard materials stored at the site to be used in 2022 to complete the project. Using the percentage of completion method, compute the recognize gross profit for 2022: a. 52,500 b. 45,000 c. 97.500 d. 150,000 2. The CIP net of Progress billing is a. 27.500 current liability b. 32,500 current asset c. 167,500 current asset. d. 102,500 current liability
In 2024, Cupid Construction Company (CCC) began work on a two-year fixed price contract project. CCC recognizes revenue over time according to percentage of completion for this contract, and provides the following information (dollars in millions): Accounts receivable, 12/31/2024 (from construction progress billings) $ 37.5 Actual construction costs incurred in 2024 $ 135 Cash collected on project during 2024 $ 105 Construction in progress, 12/31/2024 $ 207 Estimated percentage of completion during 2024 60% What were the construction billings by CCC during 2024?
In 2024, Cupid Construction Company (CCC) began work on a two-year fixed price contract project. CCC recognizes revenue over time according to percentage of completion for this contract, and provides the following information (dollars in millions): Accounts receivable, 12/31/2024 (from construction progress billings) $ 37.5 Actual construction costs incurred in 2024 $ 135 Cash collected on project during 2024 $ 105 Construction in progress, 12/31/2024 $ 207 Estimated percentage of completion during 2024 60% What are CCC's estimated remaining construction costs on the project at the end of 2024?
ABC Construction Company began work on a contract in 2022 and completed the contract in 2023. The total contact price was P8,500,000. Information related to the construction project are as follows: 2022 2023 Costs incurred during the year P1,200,000 P6,250,000 Estimated costs to complete 4,800,000 - Progress billings during the year 1,450,000 7,050,000 Collections during the year 800,000 6,000,000 How much is the gross profit to be recognized in 2023?