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Blue construction Co. has two projects for which it reported, as of December 31, 2012, the following information:                     Project a        Project b     Contract price         P4, 800, 000        P860,000     2011: cost incurred        3, 400, 000             Percentage completed        75%     2012: cost incurred        P1, 250, 000        P140, 000     Percentage completed        25%            15% Using the percentage of completion method of revenue recognition, gross profit on project A to be presented in 2011 would be: P 200, 000         P300, 000         P400, 000         P900, 00 How much is the construction in progress on December 31,2011 from project A? 200,000

Blue construction Co. has two projects for which it reported, as of December 31, 2012, the following information:                     Project a        Project b     Contract price         P4, 800, 000        P860,000     2011: cost incurred        3, 400, 000             Percentage completed        75%     2012: cost incurred        P1, 250, 000        P140, 000     Percentage completed        25%            15% Using the percentage of completion method of revenue recognition, gross profit on project A to be presented in 2011 would be: P 200, 000         P300, 000         P400, 000         P900, 00 How much is the construction in progress on December 31,2011 from project A? 200,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Blue construction Co. has two projects for which it reported, as of December 31, 2012, the following information:
                    Project a        Project b
    Contract price         P4, 800, 000        P860,000
    2011: cost incurred        3, 400, 000        
    Percentage completed        75%
    2012: cost incurred        P1, 250, 000        P140, 000
    Percentage completed        25%            15%
Using the percentage of completion method of revenue recognition, gross profit on project A to be presented in 2011 would be:
P 200, 000        
P300, 000        
P400, 000        
P900, 00
How much is the construction in progress on December 31,2011 from project A?
200,000
3,600,000
3,400,000
4,800,000

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