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Tyro Construction Company has two projects, for which it reported, as of December 31, 20x5, the following information: In thousand pesos:           Project A      Project B Contract Price                   P 4,800           860 20x4: Costs incurred       P 3,400 Percent completed             75% 20x5: Costs incurred      P 1,250             140 Percent Completed            25%                15% Using the percentage-of-completion (over time) method of revenue recognition, gross profit on Project A to be recognized in 20x4 would be: a. P 200,000 ] b. P 300,000

Tyro Construction Company has two projects, for which it reported, as of December 31, 20x5, the following information: In thousand pesos:           Project A      Project B Contract Price                   P 4,800           860 20x4: Costs incurred       P 3,400 Percent completed             75% 20x5: Costs incurred      P 1,250             140 Percent Completed            25%                15% Using the percentage-of-completion (over time) method of revenue recognition, gross profit on Project A to be recognized in 20x4 would be: a. P 200,000 ] b. P 300,000

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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Tyro Construction Company has two projects, for which it reported, as of December 31, 20x5, the

following information:

In thousand pesos:           Project A      Project B

Contract Price                   P 4,800           860

20x4: Costs incurred       P 3,400

Percent completed             75%

20x5: Costs incurred      P 1,250             140

Percent Completed            25%                15%

Using the percentage-of-completion (over time) method of revenue recognition, gross profit on

Project A to be recognized in 20x4 would be:

a. P 200,000 ]

b. P 300,000 

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