Question
She Builders, Inc. has consistently used the percentage of completion method of accounting for construction type contracts. During 2014, She started work on a P9,000,000
She Builders, Inc. has consistently used the percentage of completion method of accounting for construction type contracts. During 2014, She started work on a P9,000,000 fixed price construction contract that was completed in 2016. She's accounting records disclosed the following
December 31
20142015
Cumulative contracts cost incurredP3,900,000P6,300,000
Estimated cost at completion7,800,0008,100,000
How much income would She have recognize on this contract for the year ended December 31, 2015?
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Management Accounting
Authors: Anthony A Atkinson, Robert S Kaplan
5th Edition
136005314, 978-0136005315
