On February 20, 2022, ABC Construction Company entered into a fixed-price contract to construct a commercial building for P9,000,000. ABC determined that the performance obligation is satisfied over time. Information relating to the contract is as follows 2022 2023 25% 75% Percentage of completion Estimated costs at completion P6,750,000 P7,200,000 How much is the contract costs charged to profit or loss in 2022?

On February 20, 2022, ABC Construction Company entered into a fixed-price contract to construct a commercial building for P9,000,000. ABC determined that the performance obligation is satisfied over time. Information relating to the contract is as follows 2022 2023 25% 75% Percentage of completion Estimated costs at completion P6,750,000 P7,200,000 How much is the contract costs charged to profit or loss in 2022?

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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