Philip Construction Company started a project with a contract price of P80 million. The cost incurred to date is P12 million and the estimated cost to complete is still P48 million. Under the cost cost basis, how much is the income from construction? a) P 20 Million b) P 8 Million c) P 32 Million d) P 4 Million

Philip Construction Company started a project with a contract price of P80 million. The cost incurred to date is P12 million and the estimated cost to complete is still P48 million. Under the cost cost basis, how much is the income from construction? a) P 20 Million b) P 8 Million c) P 32 Million d) P 4 Million

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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