Question
Goodhaven Construction Company recognized gross profit of P31,500 on its long-term project that has accumulated costs of P61,250. To finish the project, the company estimates
Goodhaven Construction Company recognized gross profit of P31,500 on its long-term project that has accumulated costs of P61,250. To finish the project, the company estimates that it has to incur additional cost of P122,500. Billings were made 40% of the contract price.
What is the balance of the Construction in Progress account net of billings?
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Advanced Financial Accounting
Authors: Richard Baker, Theodore Christensen, David Cottrell
9th edition
78110920, 978-0077899165, 77899164, 978-0077484255, 77484258, 978-0078110924
