Please answer #30 & #31 30. Lark Corp. has-a contract to construct a P5,000,000 cruise ship at an estimated cost ofP4,000,000. The company.will begin construction of the cruise ship in early January 20x4 andexpects to complete the project sometime in late 20x7. Lark Corp. has never constructed acruise ship before, and the customer has never operated a cruise ship. Due to this and othercircumstances, Lark Corp. believes there are inherent hazards in the contract beyond thevanced Financial Accounting-A Comprehensive: Conceptual & Procedural Approach normal, recuring business risks. Lark Corp. expects to recover all its costs under the contractDuring 20x4 and 20x5, the company has the following activity:Costs to dateEstimated costs to completeProgress billings during the yearCash collected during the year20x4P 980,0003,020,0001,000,000648,00020x5P 2,040,0001,960,0001,000,0001,280,000On its statement of financial position at December 31, 20x5, what amount will be reportedrelated to the Construction in Process account?a.P40,000 costs in excess of billings.b.P1,020,000 costs in excess of billings.P40,000 billings in excess of costs.P20,000 billings in excess of costs.C.d.31. Lark Corp. has a contract to construct a P5,000,000 cruise ship at an estimated cost ofP4,000,000. The company will begin construction of the cruise ship in early January 20x4 andexpects to complete the project sometime in late 20x7. Lark Corp. has never constructed acruise ship before, and the customer has never operated a cruise ship. Due to this and othercircumstances, Lark Corp. believes there are inherent hazards in the contract beyond thenormal, recurring business risks. Lark Corp. expects to recover all its costs under the contract.During 20x4 and 20x5, the company has the following activity:Costs to dateEstimated costs to completeProgress billings during the yearCash collected during the year20x4P 980,0003,020,0001,000,000648,00020x5P 2,040,0001,960,0001,000,0001,280,000On its statement of financial position at December 31, 20x5, what amount will be reportedfor accounts receivable?P352,000.P720,000С.d.P72,000.P2,000,000.a.b.

As per the bartleby guideline if questions asked are different, answer first one only Lark and co…

normal, recurring business risks. Lark Corp. expects to recovel During 20x4 and 20x5, the company has the following activity: Costs to date Estimated costs to complete Progress billings during the year Cash collected during the year On its statement of financial position at December 31, 20x5, what amount will be reported related to the Construction in Process account? P40,000 costs in excess of billings. 20x4 P 980,000 3,020,000 1,000,000 648,000 20x5 P 2,040,000 1,960,000 1,000,000 1,280,000 a. P1,020,000 costs in excess of billings. P40,000 billings in excess of costs. P20,000 billings in excess of costs. b. C. d. chin at an estimated cost of

normal, recurring business risks. Lark Corp. expects to recovel During 20x4 and 20x5, the company has the following activity: Costs to date Estimated costs to complete Progress billings during the year Cash collected during the year On its statement of financial position at December 31, 20x5, what amount will be reported related to the Construction in Process account? P40,000 costs in excess of billings. 20x4 P 980,000 3,020,000 1,000,000 648,000 20x5 P 2,040,000 1,960,000 1,000,000 1,280,000 a. P1,020,000 costs in excess of billings. P40,000 billings in excess of costs. P20,000 billings in excess of costs. b. C. d. chin at an estimated cost of

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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