How much is the Gross Profit/Loss Realized in 2018?Triple Take Construction Co. began construction of a project in 2017 for a contract price of P9,600,000. Theproject is to be completed in 4 years or in the year 2021. The following are the details regarding the constructionproject:201720182019Costs incurred to date2160,0004,500,0007,520,000Estimated cost to completeProgress Billings to dateCash Collections for the year6,840,0005,500,0001,880,0002304,0004,320,0007,680,0001,728,0003,240,0005,760,000

The question is related to accounting standards on construction contracts.

ple Take Construction Co. began construction of a project in 2017 for ject is to be completed in 4 years or in the year 2021. The following are t ject 2017 2018 Costs incurred to date 2160.000 4.500.000

ple Take Construction Co. began construction of a project in 2017 for ject is to be completed in 4 years or in the year 2021. The following are t ject 2017 2018 Costs incurred to date 2160.000 4.500.000

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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