PT ABC uses the percentage-of-completion method of accounting. In2018, ABC began work on a contract it had received which provided for acontract price of Rp37.500.000. Other details are provided below. Whatshould be the gross profit recognized in 2018? *2018Costs incurred during the yearEstimated costs to complete as of December 31Billings during the yearCollections during the yearRp18.000.00012.000.00016.500.0009.500.000Rp4.500.000Rp7.500.000Rp19.500.000O Rp1.500.000

Gross Profit = Revenue - Cost Percent of Contract Completed = 18,000,000 / (18,000,000 +…

PT ABC uses the percentage-of-completion method of accounting. In 2018, ABC began work on a contract it had received which provided for a contract price of Rp37.500.000. Other details are provided below. What should be the gross profit recognized in 2018? * Costs incurred during the year Estimated costs to complete as of December 31 Billings during the year Collections during the year 2018 Rp18.000.000 12.000.000 16.500.000 9.500.000 Rp4.500.000 O Rp7.500.000 O Rp19.500.000 O Rp1.500.000

PT ABC uses the percentage-of-completion method of accounting. In 2018, ABC began work on a contract it had received which provided for a contract price of Rp37.500.000. Other details are provided below. What should be the gross profit recognized in 2018? * Costs incurred during the year Estimated costs to complete as of December 31 Billings during the year Collections during the year 2018 Rp18.000.000 12.000.000 16.500.000 9.500.000 Rp4.500.000 O Rp7.500.000 O Rp19.500.000 O Rp1.500.000

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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