Question: Need Solution Problem 9: (Reconstruction) Case 1: On January 1, 20x8, Lazy Construction Corporation began constructing a P2,100,000 contract. The following are relevant information provided

Need Solution

Problem 9: (Reconstruction) Case 1: On January 1, 20x8, Lazy Construction Corporation began constructing a P2,100,000 contract. The following are relevant information provided by the corporation. Lazy uses percentage of completion method. For the year ended December 31, 20x9, Lazy Construction billed its client an additional 55% of the contract price. 20x8 20x9 20x10 Construction in progress P441,000 Estimated costs to complete ? Costs incurred 425,250 P969,000 P675,750 Excess of construction in progress over billings P84,00 current P330,750 liability current liability Required: 1. How much is the realized gross profit (loss) in 20x9? a. (P45,000) b. P15,750 C. (P60,750) d. P30,000 2. How much is the balance of construction in progress in 20x9? a. P1,680,000 b. P2,010,750 c. P1,349,250 d. P1,365,000 3. How much is the estimated remaining cost in 20x8? a. P1,599,750 b. P1, 155,000 c. P1,680,000 d. P1,584,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

A basketball coach needs to find a starting lineup for her team. There are five positions that must be filled point guard: (1) Shooting guard. (2) Swing. (3) Power forward. (4) And center. (5) Given...

I don't get the question mean... Please explain what should I write down it... This question related to Case Study which is attach the file... The question is What aspects of the implementation and...

Objective: This assignment will involve the use of corporate annual reports, analysis of the relevant information provided within the reports, compare and contrast the information with the...

How to write the case report? fill in the excel spreadsheet Case 1 A Practice Problem in Accounting Sparky Fitness Corporation In Chapters 3-5, we discussed the Accounting Information System and the...

Hello, I need help figuring out the adjusting entries on this case study, I have completed the general entries but am having a hard time with the adjusting. Attached are what I have done and the...

Help me figure out this case. Answer should be in the Excel worksheet. Case 1 A Practice Problem in Accounting Sparky Fitness Corporation In Chapters 3-5, we discussed the Accounting Information...

By MARK@ (Ruska, Markevichus, Naniev, Grachev) Emerging russian ice-cream market is good area for different producers as it has great potential 1. Currently Russian ice-cream market is the 4th...

can any expert help me with the below assignment just only 2 questions ,please read the requirment word by word and be careful about the style of the reference(APA) , file 3.1 is for question...

1. - Expain the motivations of Unilever in acquiring Inmarko. - Identify the risks Unilever faces in using acquisition as a mode for growth, as opposed to other modes discussed in the chapter. 2....

Assume Mr Patrick's overdraft application has been successful, and he was granted with RM300,000 overdraft limit. He started using the overdraft facility the next day and asked for the interest...

As value of the dollar rises, USA firms doing business abroad see their profits fall, so some firms raise prices of their products to offset the decrease in profits. What are some risks of raising...

Multiple Choice 0 . 0 5 points Which of the following is considered a solvency ratio? Debt - to - Equity Ratio Earnings per Share Quick Ratio Gross Profit Margin

Determine the major differences between U.S. GAAP and IFRS disclosure reporting requirements related to each separately reportable operating segment. Next, give your opinion as to whether either U.S....