Please answer No. 2 and 3 and No. 21 questionsProvide a complete solution. Thank You In 2019, Gracia Builders successfully bidded on a fixed price contract to a factorybuilding for P26M. Gracia uses the percentage of completion method and thefollowing data are obtained on the project:Progress of work at completionAt December 31, 2019At December 31, 202020%60%Estimated total cost at completionAt December 31, 2019 P19,500,000At December 31, 2020 P24,000,000Profit recognized to dateAt December 31, 2019P1,300,000At December 31, 2020P1,200,0002. The estimated costs to complete the building at 12/31/19 isP3,900,000P19,500,000С.P15,600,000a.b.d.P20,800,0003. The total costs incurred in 2020 isP14,400,000b. P15,600,000C.P10,500,000a.d.P20,100,000 On January 1, 2018, Star Construction Company entered into a contract with KCCompany to build a studio house. At that time, Star Company estimated that itwould take three years and would cost them P7.2M to complete the project. Thecontract price is P9.2M. During 2019, Star Construction Company incurredP2,392,000 in construction costs but due to rising materials and labor costs, theoutcome of the contract cannot be estimated reliably in 2019. However, at the endof 2020, Engr. Richard was certain that the total costs of the project will not exceedP9.2M. KC Company was billed 25% of the contract price in 2019.21. The profit that should be recognized in 2019 is:C.POP664,444(P92,000)a.d.P2.3Mb.ion work on a project with a fixed contract

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In 2019, Gracia Builders successfully building for P26M. Gracia uses the- following data are obtained on the pr Progress of work at completion At December 31, 2019 At December 31, 2020 Estimated total cost at completion At December 31, 2019 At December 31, 2020 Profit recognized to date At December 31, 2019 At December 31, 2020 2. The estimated costs to complete the bu P3,900,000 P19,500,000 a. b. 3. The total costs incurred in 2020 is P14,400,000 P15,600,000 a. b.

In 2019, Gracia Builders successfully building for P26M. Gracia uses the- following data are obtained on the pr Progress of work at completion At December 31, 2019 At December 31, 2020 Estimated total cost at completion At December 31, 2019 At December 31, 2020 Profit recognized to date At December 31, 2019 At December 31, 2020 2. The estimated costs to complete the bu P3,900,000 P19,500,000 a. b. 3. The total costs incurred in 2020 is P14,400,000 P15,600,000 a. b.

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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