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Prepare calculations showing the statement of profit or loss

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Reference no: EM133152546

Question - The main business of Santolina Co is building work. At the end of September 2003 there is an uncompleted contract on the books, details of which are as follows:

Date commenced April 1, 2016

Expected completion date December 23, 2018

$

Total contract revenue 290,000

Costs to September 30, 2018 210,450

Value of performance obligation satisfied to September 30, 2018 230,000

Amount invoiced for work certified to September 30, 2018 210,000

Cash Received to September 30, 2018 194,000

Estimated costs to completion at September 30, 2018 20,600

Santolina calculates satisfaction of performance obligations based on work certified as a percentage of contract price.

Required - Prepare calculations showing the amount to be included in the statement of profit or loss and the statement of financial position at 30 September 2003 in respect of the above contract.

Reference no: EM133152546

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