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
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 5MC
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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
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