PROBLEM 2 Lahar Construction Corporation contracted with the City of Pampanga to construct a dam at a price of P16,000,000. Lahar expects to earn P1,520,000 on the contract. The percentage-of-completion method is to be used and the completion stage is to be determined by estimates made by engineer. Use the proportional method. The following schedule summarizes the activities of the contract for the years 2018 - 2020. ESTIMATED COST TO COMPLETE COLLECTION S ON BILLINGS COST ENGINEER'S BILLINGS ON CONTRACT YEAR INCURRED ESTIMATE COST OF _(ACTUAL COST) COMPLETION 2018 4,600,000 9,640,000 31% 5,000,000 4,500,000 2019 4,500,000 5,100,000 58% 6,000,000 5,400,000 2020 5,250,000 100% 5,000,000 6,100,000 iStock

PROBLEM 2 Lahar Construction Corporation contracted with the City of Pampanga to construct a dam at a price of P16,000,000. Lahar expects to earn P1,520,000 on the contract. The percentage-of-completion method is to be used and the completion stage is to be determined by estimates made by engineer. Use the proportional method. The following schedule summarizes the activities of the contract for the years 2018 - 2020. ESTIMATED COST TO COMPLETE COLLECTION S ON BILLINGS COST ENGINEER'S BILLINGS ON CONTRACT YEAR INCURRED ESTIMATE COST OF _(ACTUAL COST) COMPLETION 2018 4,600,000 9,640,000 31% 5,000,000 4,500,000 2019 4,500,000 5,100,000 58% 6,000,000 5,400,000 2020 5,250,000 100% 5,000,000 6,100,000 iStock

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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