Manor Construction Corporation entered into a fixed-price contract to construct an office building for P5,000,000 during the year 2021. Information relating to the contract is as follows: Year-end 2021 Year-end 2022 Percentage of completion 20% 60% Estimated total cost of completion 3,750,000 4,000,000 Income recognized (cumulative) 250,000 600,000 Contract cost incurred during 2022 was: O 1,750,000 O 2,400,000 O 1,600,000 O 1,650,000

Manor Construction Corporation entered into a fixed-price contract to construct an office building for P5,000,000 during the year 2021. Information relating to the contract is as follows: Year-end 2021 Year-end 2022 Percentage of completion 20% 60% Estimated total cost of completion 3,750,000 4,000,000 Income recognized (cumulative) 250,000 600,000 Contract cost incurred during 2022 was: O 1,750,000 O 2,400,000 O 1,600,000 O 1,650,000

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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