Love Company entered into a contract to construct a 10-storey building for P8,000,000. The following data were taken from the company’s files (see image below). 1.What is the Percentage of completion in 2019? 2.Using the same information above, how much is the cost incurred in 2019? 3.Using the same information above, how much is the revenue to be recognized in 2020? 4.Using the same information above, how much is the balance of the Construction in Progress at December 31, 2020? 5. Using the same information above, how much is the income to be recognized in 2020?
Love Company entered into a contract to construct a 10-storey building for P8,000,000. The following data were taken from the company’s files (see image below).
1.What is the Percentage of completion in 2019?
2.Using the same information above, how much is the cost incurred in 2019?
3.Using the same information above, how much is the revenue to be recognized in 2020?
4.Using the same information above, how much is the balance of the Construction in Progress at December 31, 2020?
5. Using the same information above, how much is the income to be recognized in 2020?
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4.Using the same information above, how much is the balance of the Construction in Progress at December 31, 2020?
5. Using the same information above, how much is the income to be recognized in 2020?
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