Please answer No. 14 and 15 as well as No. 21Provide a complete solution thank you Ist Centro Realty Corporation entered into a fixed price contract with CamelaHomes on July 1, 2018 to construct a medium rise condominium. At that time, 1stCentro Realty Corporation estimated that it would take between 2 to 3 years tocomplete the project. The total contract price for construction of the building isP4,500,000. 1st Centro accounts for this contract under the percentage ofcompletion method. The building was deemed substantially completed onDecember 31, 2020. Estimated percentage of completion, accumulated contractcosts incurred, estimated costs to complete the contract and accumulated billingsunder the contract were as follows:201820192020% of completionContract costs incurredEst. costs to completeProgress billings30%60%100%C0.0 P1,140,000CO0.0 P2,660,000c00o P1,600,000000000P2,820,000P1,880,000P2,700,000P4,800,000P4,500,00014. The amount of (1) Contract Revenue, (2) Cost of construction, (3) Gross Profit toappear in the income statement for the period ended December 31, 2020 is:(1)P1,350,000P1,350,000P2,700,000P1,880,000(2)P1,680,000P1,760,000P2,820,000P1,980,000(3)(P330,000)(P410,000)(P120,000)(P100,000)a.b.C.d.llniub15. The balance of the Contract Asset account on December 31, 2020 isP3,960,000b.dolP4,170,000P2,700,000C.a.d.P4,500,000 or zero On January 1, 2018, Star Construction Company entered into a contract with KCCompany to build a studio house. At that time, Star Company estimated that itwould take three years and would cost them P7.2M to complete the project. Thecontract price is P9.2M. During 2019, Star Construction Company incurredP2,392,000 in construction costs but due to rising materials and labor costs, theoutcome of the contract cannot be estimated reliably in 2019. However, at the endof 2020, Engr. Richard was certain that the total costs of the project will not exceedP9.2M. KC Company was billed 25% of the contract price in 2019.21. The profit that should be recognized in 2019 is:C.POP664,444(P92,000)a.d.P2.3Mb.ion work on a project with a fixed contract

The term "cost" refers to the amount of resources, typically measured in terms of money, time,…

On January 1, 2018, Star Construction Company entered into a contract with KC Company to build a studio house. At that time, Star Company estimated that it would take three years and would cost them P7.2M to complete the project. The contract price is P9.2M. During 2019, Star Construction Company incurred P2,392,000 in construction costs but due to rising materials and labor costs, the outcome of the contract cannot be estimated reliably in 2019. However, at the end of 2020, Engr. Richard was certain that the total costs of the project will not exceed P9.2M. KC Company was billed 25% of the contract price in 2019. 21. The profit that should be recognized in 2019 is: a. P664,444 h. (P92,000) C. PO d. P2.3M project with a fixed contract

On January 1, 2018, Star Construction Company entered into a contract with KC Company to build a studio house. At that time, Star Company estimated that it would take three years and would cost them P7.2M to complete the project. The contract price is P9.2M. During 2019, Star Construction Company incurred P2,392,000 in construction costs but due to rising materials and labor costs, the outcome of the contract cannot be estimated reliably in 2019. However, at the end of 2020, Engr. Richard was certain that the total costs of the project will not exceed P9.2M. KC Company was billed 25% of the contract price in 2019. 21. The profit that should be recognized in 2019 is: a. P664,444 h. (P92,000) C. PO d. P2.3M project with a fixed contract

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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