Use the following information for questions 40 to 43: Anton Builders constructs storage house. The projects generally take a number of months to complete. The company has three contracts in progress at the year ended 30 April: P 320,000 40,000 416,000 K P 540,000 P 20,000 Cost incurred to date. 220,000 90,000 Costs to complete Contract price 684,000 300,000 312,000 456,000 Work certified to date 250,000 480,000 Progress Payments Anton Builders accrues profit on its construction contracts using the percentage of completion derived from the sales earned as work certified compared to the total sales value. 40. Calculate total expected profit for the year: J P 60,000 P 228,000 P 0 P 144,000 a. P 56,000 P 54,000 P104,000 P 96,000 P166,000 b. C. P280,000 d. P 204,000 41. The percentage of completion based on work certified to the total sales value: K K 75.00% 66.67% Nothing certified c. 84.61% 79.82% Nothing Certified d. 76.92% 78.95% a. b. 97.50% 84.44% 6.67% 42. What amounts should be shown in the statement of profit or for profit based on work certified to the total sales value? K P 42,000 P 78,000 P 72,000 P 72,000 P 36,000 P 152,000 P १6,000 P 96,000 a. b. P. с. P 20,000 d. 43. What amounts should be shown in the statement of financial position as work-in-process inventory? K 1. P112,000 P १6.000 P 228,000 P 60,000 a. P 20,000 b. P 72,000 P 70,000 d. C. P 20,000 P. P. Use the following information for questions 44 to đt 0.
Use the following information for questions 40 to 43: Anton Builders constructs storage house. The projects generally take a number of months to complete. The company has three contracts in progress at the year ended 30 April: P 320,000 40,000 416,000 K P 540,000 P 20,000 Cost incurred to date. 220,000 90,000 Costs to complete Contract price 684,000 300,000 312,000 456,000 Work certified to date 250,000 480,000 Progress Payments Anton Builders accrues profit on its construction contracts using the percentage of completion derived from the sales earned as work certified compared to the total sales value. 40. Calculate total expected profit for the year: J P 60,000 P 228,000 P 0 P 144,000 a. P 56,000 P 54,000 P104,000 P 96,000 P166,000 b. C. P280,000 d. P 204,000 41. The percentage of completion based on work certified to the total sales value: K K 75.00% 66.67% Nothing certified c. 84.61% 79.82% Nothing Certified d. 76.92% 78.95% a. b. 97.50% 84.44% 6.67% 42. What amounts should be shown in the statement of profit or for profit based on work certified to the total sales value? K P 42,000 P 78,000 P 72,000 P 72,000 P 36,000 P 152,000 P १6,000 P 96,000 a. b. P. с. P 20,000 d. 43. What amounts should be shown in the statement of financial position as work-in-process inventory? K 1. P112,000 P १6.000 P 228,000 P 60,000 a. P 20,000 b. P 72,000 P 70,000 d. C. P 20,000 P. P. Use the following information for questions 44 to đt 0.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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