what si the amount of revenue from long-term contract for the year ended December 31,2022?what is the amount of costs of construction for the year ended December 31,2022?what is the amount of gross profit/gross loss, respectively to be reported by DMCI Company for the year ended December 31, 2022? .. DMCI Company is one of the leading construction firms in the country. OnJanuary 1, 2021, it entered into a long-term construction contract with a fixed contractprice of P4,500,000. The construction started on July 1, 2021 and ended on October 31,2023. The following costs were provided by the chief accountant of DMCI Company:20212023Construction costs incurred to date P1,000,000 P2,916,000 P4,556,250P-0-2022Estimated costs to complete as of P3,000,000 P1,640,250the end of the yearAssuming the outcome of the construction can be estimated reliably and the companydecided to employ cost-to-cost method

Revenue recognition: Revenue recognition is the principle that provides specific conditions under…

what si the amount of revenue from long-term contract for the year ended December 31,2022? what is the amount of costs of construction for the year ended December 31,2022? what is the amount of gross profit/gross loss, respectively to be reported by DMCI Company for the year ended December 31, 2022?

what si the amount of revenue from long-term contract for the year ended December 31,2022? what is the amount of costs of construction for the year ended December 31,2022? what is the amount of gross profit/gross loss, respectively to be reported by DMCI Company for the year ended December 31, 2022?

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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