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What is the percentage of completion rate

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Question - Daniel Corp. entered a long-term project in 2024 and continued through 2025. Daniel Corp. presently has available dependable and reliable estimates. As of 2025, Daniel billed 2/5 of the total contract price. Some other information about the project were as follows;

 

2024

2025

Construction cost to date

P446,250

P1,260,000

Excess of Construction in Progress over Billings - due from / (due to)

116,250

(183,750)

Contract Billings to date

435,000

1,837,500

Collections from the contract

405,000

1,312,500

Required -

A. What is the percentage of completion rate as of 2025?

B. What is the Gross profit (loss) for the year 2025?

Reference no: EM132601379

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