Suneilert Construction Company had a contract starting April 2021, to construct a P15,000,000 building that is expected to be completed in September 2022, at an estimated cost of P13,750,000. At the end of 2021, the costs to date were P6,325,000 and the estimated total costs to complete had not changed. The progress billings during 2021 were P3,000,000 and the cash collected during 2021 was P2,000,000. Suneilert uses the percentage-of-completion method.For the year ended December 31, 2021, Suneilert would recognize gross profit on the building of?
Suneilert Construction Company had a contract starting April 2021, to construct a P15,000,000 building that is expected to be completed in September 2022, at an estimated cost of P13,750,000. At the end of 2021, the costs to date were P6,325,000 and the estimated total costs to complete had not changed. The progress billings during 2021 were P3,000,000 and the cash collected during 2021 was P2,000,000. Suneilert uses the percentage-of-completion method.For the year ended December 31, 2021, Suneilert would recognize gross profit on the building of?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Suneilert Construction Company had a contract starting April 2021, to construct a P15,000,000 building that is expected to be completed in September 2022, at an estimated cost of P13,750,000. At the end of 2021, the costs to date were P6,325,000 and the estimated total costs to complete had not changed. The progress billings during 2021 were P3,000,000 and the cash collected during 2021 was P2,000,000. Suneilert uses the percentage-of-completion method.For the year ended December 31, 2021, Suneilert would recognize gross profit on the building of?
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