Reference no: EM132945616
State Construction Company recognizes revenue using the percentage of completion method. During 2019, a single long term contract was begun. Information on the project is given below.
2019
Accounts Receivable from client 1,000,000
Construction Costs 1,050,000
Construction in Progress 1,220,000
Partial Billings on contract 1,000,000
2020
Accounts Receivable from client 3,000,000
Construction Costs 1,920,000
Construction in Progress 3,640,000
Partial Billings on contract 4,200,000
Problem 1: The profit recognized from the contract in 2019 should be
a. P500,000
b. P1,280,000
c. P1,008,000
d. P2,280,000
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