On July 1, 2020, Oliver Construction Corp. contracted to build an office building for Annalise Inc., for a total contract price of P1,950,000 Contract cost incurred to date: 2020 - 150,000; 2021 - 1,200,000; 2022 - 2,100,000 Estimated costs to complete: 2020 - 1,350,000; 2021 - 800,000 Billings to Annalise Inc.: 2020 - 300,000; 2021 - 1,100,000; 2022 - 550,000

On July 1, 2020, Oliver Construction Corp. contracted to build an office building for Annalise Inc., for a total contract price of P1,950,000 Contract cost incurred to date: 2020 - 150,000; 2021 - 1,200,000; 2022 - 2,100,000 Estimated costs to complete: 2020 - 1,350,000; 2021 - 800,000 Billings to Annalise Inc.: 2020 - 300,000; 2021 - 1,100,000; 2022 - 550,000

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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