On 1 January 2014, Romulus Ltd signed a contract worth $21 000 000 to construct a light
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$8 000 000
$5 000 000
$2000000
The project was completed in December 2016.
1 Using the percentage of completion method, what profit would Romulus Ltd report in 2014?
2 Using the percentage of completion method, what profit would Romulus Ltd report in 2015?
3 Using the percentage of completion method, what profit would Romulus Ltd report in 2016?
4 Using the completion of production method, what profit would Romulus Ltd report in 2016?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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