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The Stonerich Construction had two projects for which it reported the following as of the end of 2019. Quezon City P4,800,000 3,500,000 75% Mandaluyong P960,000 Contract Price 2018: Costs incurred Percent completed 2019: Costs incurred Percent completed 1,240,000 100% The company used the percentage of completion method of accounting revenue. 140,000 15% How much is income from construction for 2019? A. P51,000 loss income B. P40,000 loss C. P36,000 loss D. P100,000

The Stonerich Construction had two projects for which it reported the following as of the end of 2019. Quezon City P4,800,000 3,500,000 75% Mandaluyong P960,000 Contract Price 2018: Costs incurred Percent completed 2019: Costs incurred Percent completed 1,240,000 100% The company used the percentage of completion method of accounting revenue. 140,000 15% How much is income from construction for 2019? A. P51,000 loss income B. P40,000 loss C. P36,000 loss D. P100,000

FINANCIAL ACCOUNTING
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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How much is income from construction for 2019? Please refer to the picture below to answer the question.
4. The Stonerich Construction had two projects for which it reported the following as of the end of 2019. Mandaluyong P960,000 Contract Price 2018: Costs incurred Percent completed 2019: Costs incurred Percent completed Quezon City P4,800,000 3,500,000 75% 1,240,000 100% The company used the percentage of completion method of accounting revenue. 140,000 15% How much is income from construction for 2019? A. P51,000 loss income B. P40,000 loss C. P36,000 loss D. P100,000
Transcribed Image Text:4. The Stonerich Construction had two projects for which it reported the following as of the end of 2019. Mandaluyong P960,000 Contract Price 2018: Costs incurred Percent completed 2019: Costs incurred Percent completed Quezon City P4,800,000 3,500,000 75% 1,240,000 100% The company used the percentage of completion method of accounting revenue. 140,000 15% How much is income from construction for 2019? A. P51,000 loss income B. P40,000 loss C. P36,000 loss D. P100,000
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