September with a customer. was uncompieted ember 2017. This is a performance obligation satisfied overtime. Details of the contract as at 31 December 2017 are follows. 15 March 2018 $ 520 000 S 120 000 $ 250 000 $ 364 000 $210 000 $ 286 000 Expected completion date Total contract revenue Costs to 31.12.2017 Estimated costs to completion at 31.12.2017 Amounts invoiced for work certified to 31.12.2017 Cash received to 31.12.2017 Value of performance obligations satisfied to 31.12.2017 I Company calculates satisfaction of performance obligations based on work certified as a percentage of contract price. Required: Prepare calculations showing the amount to be included in the statement of profit or loss for the year 21.2017 of Gnanciel position at 31 12 2017 in respect of this contract

September with a customer. was uncompieted ember 2017. This is a performance obligation satisfied overtime. Details of the contract as at 31 December 2017 are follows. 15 March 2018 $ 520 000 S 120 000 $ 250 000 $ 364 000 $210 000 $ 286 000 Expected completion date Total contract revenue Costs to 31.12.2017 Estimated costs to completion at 31.12.2017 Amounts invoiced for work certified to 31.12.2017 Cash received to 31.12.2017 Value of performance obligations satisfied to 31.12.2017 I Company calculates satisfaction of performance obligations based on work certified as a percentage of contract price. Required: Prepare calculations showing the amount to be included in the statement of profit or loss for the year 21.2017 of Gnanciel position at 31 12 2017 in respect of this contract

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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