Kindly answer the 10 11 and 12 question thank you Using the percentage-of-completion (over time) method of revenue recognition, gross profiton Project A to be recognized in 20x4 would be:P200,000P300,000a.С.d.P400,000P900,000b.

Answered: Using the percentage-of-completion…

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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Kindly answer the 10 11 and 12 question thank you

Using the percentage-of-completion (over time) method of revenue recognition, gross profit
on Project A to be recognized in 20x4 would be:
P200,000
P300,000
a.
С.
d.
P400,000
P900,000
b.

Expert Solution

Step 1

Since you have asked multiple questions, we will answer the first question for you. for question 11 and 12, please post the questions again and separately.

The percentage of completion method recognized the revenues and expenses of log term contracts as a percentage of work completed during that period. It is usually common in the construction industry where projects usually extend over a number of years.

This method is used when the payment for the contract is assured and the completion date can be estimated easily.

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