Konstruk Construction Company uses the percentage of completion method of accounting. In 2006, Konstruk began working under contract # 1105A, which provided for a contract price of P12,000,000. Other details were as follows: 2006 Cost incurred during the year Estimated cost to complete Billing during the year Collections during the year P1,800,000 7,200,000 2,760,000 1,500,000 2007 P9,450,000 9,240,000 9,300,000

Konstruk Construction Company uses the percentage of completion method of accounting. In 2006, Konstruk began working under contract # 1105A, which provided for a contract price of P12,000,000. Other details were as follows: 2006 Cost incurred during the year Estimated cost to complete Billing during the year Collections during the year P1,800,000 7,200,000 2,760,000 1,500,000 2007 P9,450,000 9,240,000 9,300,000

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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