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Question - Orlie Construction Company has constructed to build an office building. The construction is scheduled to begin on January, 2013, and the estimated time of completion is July 1, 2016. The building cost is estimated to be P50,000,000 and this will be billed at P55,000,000. The following data relate to the construction period.
2013
2014
2015
2016
Cost to date
15,000,000
25,000,000
35,000,000
50,000,000
Estimated cost to complete
-
Progress billing to date
7,000,000
20,000,000
55,000,000
Cash collected to date
18,000,000
30,000,000
Required -
1. Compute the estimated income for 2013, 2014, 2015 and 2016, assuming that the percentage of completion method is used.
2. Prepare the necessary journal entries for MYC Construction for the year 2015 and 2016.
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