Question
A construction company entered into a P25,000,000 contract to construct a high-rise building in the center of the city. The company accounts this under the
A construction company entered into a P25,000,000 contract to construct a high-rise building in the center of the city. The company accounts this under the percentage of completion method at the end of each quarter of the current year. The following information on the projects percentage of total estimated cost and percentage of completion for each quarter were made available to you: First Quarter P17,000,000, 15% completed; Second quarter P17,500,000, 15% completed; Third Quarter P18,200,000, 25% completed; and Fourth quarter P19,200,000, 25% completed. No work was done during the second and fourth quarters. What is the revenue(loss) for first, second, third and fourth quarter?
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