On July 1, 2020, 3ABCD Construction Corporation contracted to build an office building for XYZ, Inc....

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On July 1, 2020, 3ABCD Construction Corporation contracted to build an office building for XYZ, Inc. for a total contract price of P975,000. 2021 2020 75,000 675,000 150,000 2022 | 1,050,000 Contract costs incurred to date Estimated costs to complete the contract Billings to XYZ, Inc. 600,000 400,000 550,000 275,000 16. Under the percentage of completion method, how much is the Construction-In-Progress at December 31, 2021? (2 points) 17. Under the zero-profit method, how much is the Construction-in-Progress, net of Progress Billings at December 31, 2021? (2 points) 18. Under the percentage of completion method, how much is the realized gross profit (loss) at December 31, 2022? (2 points) (show computations) On July 1, 2020, 3ABCD Construction Corporation contracted to build an office building for XYZ, Inc. for a total contract price of P975,000. 2021 2020 75,000 675,000 150,000 2022 | 1,050,000 Contract costs incurred to date Estimated costs to complete the contract Billings to XYZ, Inc. 600,000 400,000 550,000 275,000 16. Under the percentage of completion method, how much is the Construction-In-Progress at December 31, 2021? (2 points) 17. Under the zero-profit method, how much is the Construction-in-Progress, net of Progress Billings at December 31, 2021? (2 points) 18. Under the percentage of completion method, how much is the realized gross profit (loss) at December 31, 2022? (2 points) (show computations)

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Answer Solution 16 Construction In Progress Percentage Completed Cost I... View the full answer