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

As posted multiple sub parts we are answering only first three sub parts kindly repost the…

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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Concept explainers

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.

Question

Required: Compute the following, placing your answer in the spaces provided and showing
PROBLEMS
361
Supporting computations below:
1 Cash collected by KP on Cincy One during 20x4
2 Actual costs incurred by KP on Cincy One during 20x4
2 On December 31, 20x4, the estimated remaining costs to complete
4. The percentage of Cincy One that was completed during 20x4

X-Incomplete Data
In 20x4, KP Building Inc. began work on a four-year construction project (called "Cincy Oner
The contract price is P300 million. KP uses the percentage-of-completion (over time metho
accounting. At the end of 20x5, the following financial statement information indicates he
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

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