During 20x6, ABC started work on a P 3,000,000 fixed price construction contract. Any costs incurred are expected to be recoverable. The accounting records disclosed the following data for the year ended December 31, 20x6:

Costs incurred P 930,000
Estimated costs to complete 2,170,000
Progress Billings 1,100,000
 
How much loss should ABC recognize in 20x6?

Answer rating: 100% (QA)

To calculate the loss you can use the formula Loss textTotal Estimated Costs Total Revenue R... View the full answer