percentage-of-completion method of acCounting. At the end of 20x5, the following financialIX- Incomplete DataIn 20x5, Chicago Construction began work on a three-year construUction project to builaperforming arts complex (the "PAC"). The PAC contract price is P150 million. Chicago user ewpercentage-of-completion method of accounting. At the end of 20x5, the following fingnstatement information indicates the results to date for the PAC:Income Statement:Revenue.P ? million35 millionP ? millionCost of ConstructionGross profit.Balance Sheet:Accounts Receivable from construction billingsConstruction in progressLess: Billings on construction.Net billings in excess of construction in progress.Cash Flow StatementCash Collections.P 14 millionP.50 million(P ? million)P ? million...P 46 million..Required: Compute the following, placing your answer in the spaces provided and showingsupporting computations below:1. Total revenue recognized during 20x52. Billings on construction3. Net in excess of construction in progress4. Calculate the percentage of completion during 20x5

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In 20x5, Chicago Construction began work on a three-year construction project to build a new performing arts complex (the "PAC"). The PAC contract price is P150 million. Chicago USe percentage-of-completion method of accounting. At the end of 20x5, the following fnes the statement information indicates the results to date for the PAC: Income Statement: Revenue Cost of Construction. Gross profit. P ? million 35 million P 2million Balance Sheet: Accounts Receivable from construction billings Construction in progress.. Less: Billings on construction. Net billings in excess of construction in progress Cash Flow Statement P 14 million P.50 million (P ? million) P million Cash Collections P 46 million Required: Compute the following, placing your answer in the spaces provided and showi supporting computations below: 1. Total revenue recognized during 20x5 2. Billings on construction 3. Net in excess of construction in progress 4. Calculate the percentage of completion during 20x5

In 20x5, Chicago Construction began work on a three-year construction project to build a new performing arts complex (the "PAC"). The PAC contract price is P150 million. Chicago USe percentage-of-completion method of accounting. At the end of 20x5, the following fnes the statement information indicates the results to date for the PAC: Income Statement: Revenue Cost of Construction. Gross profit. P ? million 35 million P 2million Balance Sheet: Accounts Receivable from construction billings Construction in progress.. Less: Billings on construction. Net billings in excess of construction in progress Cash Flow Statement P 14 million P.50 million (P ? million) P million Cash Collections P 46 million Required: Compute the following, placing your answer in the spaces provided and showi supporting computations below: 1. Total revenue recognized during 20x5 2. Billings on construction 3. Net in excess of construction in progress 4. Calculate the percentage of completion during 20x5

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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