Moonlight Construction Company had a contract starting April 2020, to construct a P9,000,000 building that is expected to be completed in September 2022, at an estimated cost of P8,250,000. At the end of 2020, the costs to date were P3,795,000 and the estimated total costs to complete had not changed. The progress billings during 2020 were P1,800,000 and the cash collected during 2020 was 1,200,000. At December 31, 2020 Moonlight would report Construction in Process in the amount of:
Moonlight Construction Company had a contract starting April 2020, to construct a P9,000,000 building that is expected to be completed in September 2022, at an estimated cost of P8,250,000. At the end of 2020, the costs to date were P3,795,000 and the estimated total costs to complete had not changed. The progress billings during 2020 were P1,800,000 and the cash collected during 2020 was 1,200,000. At December 31, 2020 Moonlight would report Construction in Process in the amount of:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Moonlight Construction Company had a contract starting April 2020, to construct a P9,000,000 building that is expected to be completed in September 2022, at an estimated cost of P8,250,000. At the end of 2020, the costs to date were P3,795,000 and the estimated total costs to complete had not changed. The progress billings during 2020 were P1,800,000 and the cash collected during 2020 was 1,200,000. At December 31, 2020 Moonlight would report Construction in Process in the amount of:
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