These is the question based on the picture givenNo. 16 (Roman Construction Company)The billings in excess of cost or the cost in excess of billings to be reported in the balance sheet as od December 31,2019a. 20,000 excess of cost over billingsb. 20,000 excess of billings over costc. 900,000 excess of cost over billingsd. 900,000 excess of billings over costProvide a complete solution. Thank You On March T, 2018, Roman Construction Company was contracted to construct awarehouse building for Sunflower Manufacturing Company for total contractprice of P8,400,000. The following data are available for the 3 years:12/31/19P2,600,00012/31/18P3,200,000ndencoP3,200,00012/31/20P1,450,000Contract Costs incurredduring the yearEst. costs to complete at12/31Progress billings each yearP1,450,000POP3,200,000P3,500,000 P1,700,000Roman Construction Company uses the percentage of completion method foraccounting for long term contracts.

This question deals with the percentage of completion method. As per this method, revenue get…

Answered: No. 16 (Roman Construction Company)…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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These is the question based on the picture given

No. 16 (Roman Construction Company)

The billings in excess of cost or the cost in excess of billings to be reported in the balance sheet as od December 31,2019

a. 20,000 excess of cost over billings

b. 20,000 excess of billings over cost

c. 900,000 excess of cost over billings

d. 900,000 excess of billings over cost

Provide a complete solution. Thank You

On March T, 2018, Roman Construction Company was contracted to construct a
warehouse building for Sunflower Manufacturing Company for total contract
price of P8,400,000. The following data are available for the 3 years:
12/31/19
P2,600,000
12/31/18
P3,200,000
ndenco
P3,200,000
12/31/20
P1,450,000
Contract Costs incurred
during the year
Est. costs to complete at
12/31
Progress billings each year
P1,450,000
PO
P3,200,000
P3,500,000 P1,700,000
Roman Construction Company uses the percentage of completion method for
accounting for long term contracts.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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