Motul Co. entered into a long-term construction contract for 3 years. Contract price agreed was P8,300,000....
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Motul Co. entered into a long-term construction contract for 3 years. Contract price agreed was P8,300,000. The outcome of the contract was estimated reliably. The following data were ascertained for the contract: What is the construction in progress as of 2021? Percentage of Completion 2020 - 30% 2021 - 82.5% Estimated Costs to Complete 2020 - 3,920,000 20211,680,000 Motul Co. entered into a long-term construction contract for 3 years. Contract price agreed was P8,300,000. The outcome of the contract was estimated reliably. The following data were ascertained for the contract: What is the construction in progress as of 2021? Percentage of Completion 2020 - 30% 2021 - 82.5% Estimated Costs to Complete 2020 - 3,920,000 20211,680,000
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Answer rating: 100% (QA)
To calculate the Construction in Progress as of 2021 youll need to use the Percentage of Completion method This method recognizes revenue and costs on ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
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