Please help me by showing your solution in good accounting form. Thank you! 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 constructionproject:201720182019Costs incurred to date2,160,0004,500,0007,520,000Estimated cost to completeProgress Billings to dateCash Collections for the yve ar6,840,0005,500,0001,880,0002,304,0004,320,0007,680,0001,728,0003,240,0005,760,000

A company has to recognize revenue and expenses in the year they are earned and incurred,…

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Business

Accounting

How much is the Gross Profit/Loss Realized in 2018?

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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Question

Please help me by showing your solution in good accounting form. Thank you!

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
2,160,000
4,500,000
7,520,000
Estimated cost to complete
Progress Billings to date
Cash Collections for the yve ar
6,840,000
5,500,000
1,880,000
2,304,000
4,320,000
7,680,000
1,728,000
3,240,000
5,760,000

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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