Required: Compute the following, placing your answer in the spaces provided and showingPROBLEMS361Supporting computations below:1 Cash collected by KP on Cincy One during 20x42 Actual costs incurred by KP on Cincy One during 20x42 On December 31, 20x4, the estimated remaining costs to complete4. The percentage of Cincy One that was completed during 20x4 X-Incomplete DataIn 20x4, KP Building Inc. began work on a four-year construction project (called "Cincy OnerThe contract price is P300 million. KP uses the percentage-of-completion (over time methoaccounting. At the end of 20x5, the following financial statement information indicates heresults to date for Cincy One:Income Statement:Gross Profit (before-taxes) recognized in 20x4P22 millionBalance SheetAccounts Receivable from construction billings....Construction in progress...Less: Billings on construction..Net billings in excess of construction in progress....P10 millionP66 million(75million)P9 million

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In 20x4, KP Building Inc. began work on a four-year construction project (called "Cincy On The contract price is P300 million. KP uses the percentage-of-completion (over time method accounting. At the end of 20x5, the following financial statement information indicotes the results to date for Cincy One: Income Statement: Gross Profit (before-taxes) recognized in 20x4 P22 million Balance Sheet: Accounts Receivable from construction billings. Construction in progress. Less: Billings on construction, Net billings in excess of construction in progress.. P10 million P66 million (75million) P9 million

In 20x4, KP Building Inc. began work on a four-year construction project (called "Cincy On The contract price is P300 million. KP uses the percentage-of-completion (over time method accounting. At the end of 20x5, the following financial statement information indicotes the results to date for Cincy One: Income Statement: Gross Profit (before-taxes) recognized in 20x4 P22 million Balance Sheet: Accounts Receivable from construction billings. Construction in progress. Less: Billings on construction, Net billings in excess of construction in progress.. P10 million P66 million (75million) P9 million

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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Subject: acounting