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
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...
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