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Hi! Please encode your solution. Zebastian Builders, Inc. employs the cost-to-cost method in determining the percentage of completion for revenue recognition. The company's records show
Hi! Please encode your solution.
Zebastian Builders, Inc. employs the cost-to-cost method in determining the percentage of completion for revenue recognition. The company's records show the following information on a recently completed project for a contract price of Php15,000,000.
2019 | 2020 | 2021 | |
Costs incurred to date | 2,700,000 | 9,150,000 | ? |
Gross profit (loss) | 300,000 | 1,050,000 | (150,000) |
- The percentage of completion in 2019.
- The estimated costs to complete the project on December 31, 2020
- The actual cost incurred during the year 2021.
- Revenue recognized in 2020.
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