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How much gross profit to be recognized by Columbus Inc

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Reference no: EM133067911

Question - The following data related to a construction job started by Columbus Inc.

Total contract price P1,000,000

Actual cost incurred in 2021 200,000

Estimated remaining costs 400,000

Billings to customers in 2021 300,000

Collections from customers in 2021 100,000

Required -

1. How much gross profit to be recognized by Columbus, Inc. using Percentage of Completion method?

2. How much is the contract asset or liability in 2021?

Reference no: EM133067911

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