Problem 4 On March 1, 2022, AGGREGATES Company enters a contract to build a hotel which is recognizes Data on this project for 2022-2024 follow: estimated to cost P31,200,000. The company construction revenue over time. Contract Costs Est'd Costs incurred Billings 10,500,000 12,500,000 14,440,000 to Complete 20,540,000 13,156,000 2022 5,460,000 9,984,000 15,756,000 2023 2024 The contract contains a penalty clause that penalizes the company a reduction of P70,000 from the contract price for every week of delay. contract was delayed for 8 weeks In 2024, the What is the gross profit for 2024? 1,164,000 1,466,400 1,724,000 1,824,000 А. C. в. D.

Problem 4 On March 1, 2022, AGGREGATES Company enters a contract to build a hotel which is recognizes Data on this project for 2022-2024 follow: estimated to cost P31,200,000. The company construction revenue over time. Contract Costs Est'd Costs incurred Billings 10,500,000 12,500,000 14,440,000 to Complete 20,540,000 13,156,000 2022 5,460,000 9,984,000 15,756,000 2023 2024 The contract contains a penalty clause that penalizes the company a reduction of P70,000 from the contract price for every week of delay. contract was delayed for 8 weeks In 2024, the What is the gross profit for 2024? 1,164,000 1,466,400 1,724,000 1,824,000 А. C. в. D.

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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