Nathan Construction Inc. has consistently used the percentage-of-completion method of recognizing income. In 2020, Nathan started work on a P6,750,000 fixed price construction contract. The accounting records disclosed the following data for the year ended December 31, 2020: P 2,092,500 4,882,500 2,475,000 1,575,000 Costs incurred Estimated cost to complete Progress billings Collections How much loss should Nathan have recognized in 2020?

Nathan Construction Inc. has consistently used the percentage-of-completion method of recognizing income. In 2020, Nathan started work on a P6,750,000 fixed price construction contract. The accounting records disclosed the following data for the year ended December 31, 2020: P 2,092,500 4,882,500 2,475,000 1,575,000 Costs incurred Estimated cost to complete Progress billings Collections How much loss should Nathan have recognized in 2020?

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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