Triple Take Construction Co. began construction of a project in 2017 for a contract price of P9,600,000. The project is to be completed in 4 years or in the year 2021. The following are the details regarding the construction project: 2017 2018 2019 Costs incured to date 2160,000 4,500,000 7,520,000 Estimated cost to complete Progress Billings to date Cash Collections for the year 6,840,000 5,500,000 1,880,000 2,304,000 4,320,000 7,680,000 1,728,000 3,240,000 5,760,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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How much is the Gross Profit/Loss Realized in 2018? 

Triple Take Construction Co. began construction of a project in 2017 for a contract price of P9,600,000. The
project is to be completed in 4 years or in the year 2021. The following are the details regarding the construction
project:
2017
2018
2019
Costs incurred to date
2,160,000
4,500,000
7,520,000
Estimated cost to complete
Progress Billings to date
Cash Collections for the yve ar
6,840,000
5,500,000
1,880,000
2,304,000
4,320,000
7,680,000
1,728,000
3,240,000
5,760,000
Transcribed Image Text:Triple Take Construction Co. began construction of a project in 2017 for a contract price of P9,600,000. The project is to be completed in 4 years or in the year 2021. The following are the details regarding the construction project: 2017 2018 2019 Costs incurred to date 2,160,000 4,500,000 7,520,000 Estimated cost to complete Progress Billings to date Cash Collections for the yve ar 6,840,000 5,500,000 1,880,000 2,304,000 4,320,000 7,680,000 1,728,000 3,240,000 5,760,000
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