Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The BIGMOM Construction signed a contract to build a dam over a period of 3 years for a price of P50,000,000. Information relating to the

image text in transcribed
image text in transcribed
The BIGMOM Construction signed a contract to build a dam over a period of 3 years for a price of P50,000,000. Information relating to the performance of the contract is summarized as follows: 2020 2021 2022 Construction costs incurred during the 10,000,000 15,000,000 5.000.000 year Estimated costs to complete 20,000,000 5,000,000 Billings during the year 6,000,000 14,000,000 20.000.000 Collections during the year 5,200,000 14,400,000 20,400,000 Construction costs incurred during the year 10,000,000 15,000,000 5,000,000 Estimated costs to complete 20.000.000 5.000.000 Billings during the year 6,000,000 14,000,000 20,000,000 Collections during the year 5,200,000 14,400,000 20.400.000 Compute the Revenue, Cost and Gross profit for the year 2020 to 2022 under Percentage of Completion and Zero Profit Method

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions