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Test bank of Advanced 166

Accounting by Guerrero & Chapter 10

10-14: d
Peralta Chapter-10 Project 2
Project 1

Percentage of Completion Method:

University Contract price P 420,000
Đại học Hà Nội P 300,000
Less: Total estimated cost
Cost incurred to date - 2008 P 240,000
Course P 280,000
Accounting (KET201 ) Estimated cost to complete __120,000
___70,000
Uploaded by Total __360,000
Pham Quang Huy __350,000
Estimated gross profit (Loss) 60,000
Academic year (50,000)
Percentage of completion __66.67%
2018/2019 _______–
Profit (loss) to be recognized P 40,000
(P 50,000)
Total is (P10,000)
Helpful? 8 2
Zero Profit Method - The loss (P50,000) for project 2 only.

10-15: a
2006 2007 2008
Share
Contract price (cost X 120%) P3,744,000 P3,744,000
P3,744,000
Less: Total estimated costs
Comments (1) Cost incurred to date
3,120,000
546,000 1,544,400

Estimated cost to complete _2,054,000 _1,315,000

________–
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(2) Total _2,600,000 _2,860,000
_3,120,000
Estimated gross profit 1,144,000 884,000