Problem 4 On March 1, 2022, AGGREGATES Company enters a contract to build a hotel which is estimated revenue over time. to cost P31,200,000. The company recognizes construction Data on this project...


Problem 4<br>On March 1, 2022, AGGREGATES Company enters a contract to build a hotel which<br>is estimated<br>revenue over time.<br>to<br>cost<br>P31,200,000.<br>The<br>company recognizes<br>construction<br>Data on this project for 2022-2024 follow:<br>Contract<br>Costs<br>Est'd Costs<br>Billings<br>10,500,000<br>12,500,000<br>to Complete<br>20,540,000<br>incurred<br>2022<br>5,460,000<br>9,984,000<br>15,756,000<br>2023<br>13,156,000<br>2024<br>14,440,000<br>The contract contains a penalty clause that penalizes the company a reduction<br>of P70,000 from the contract price for every week of delay.<br>In 2024,<br>the<br>contract was delayed for 8 weeks<br>What is the gross profit for 2024?<br>1,164,000<br>1,466,400<br>1,724,000<br>1,824,000<br>A.<br>c.<br>в.<br>D.<br>Problem 5<br>MOC Construction Company started work on three job sites during the<br>Any costs incurred are expected to be recoverable.<br>current<br>Data relating to<br>year.<br>the three jobs are given below:<br>Site<br>Contract<br>Cost<br>Estimated Costs<br>Billings on<br>Collections<br>Price<br>Incurred<br>to Complete<br>Contract<br>on Billings<br>5,000,000<br>7,000,000<br>2,500,000<br>3,750,000<br>1,000,000<br>5,000,000<br>900,000<br>5,000,000<br>900,000<br>| 4,000,000<br>1,000,000<br>1,000,000<br>1,500,000<br>1,000,000<br>If the company records revenue over time, how much must be shown as current<br>asset in the balance sheet of MOC Construction Company as of December 31?<br>5,500,000<br>500,000<br>А.<br>C.<br>250,000<br>100,000<br>в.<br>D.<br>If the company records revenue at a point in time, how much must be shown as<br>current asset in the balance sheet of MOC Construction Company as of December<br>31?<br>5,100,000<br>250,000<br>100,000<br>A.<br>C.<br>В.<br>500,000<br>D.<br>PIE<br>WICAT<br>

Extracted text: Problem 4 On March 1, 2022, AGGREGATES Company enters a contract to build a hotel which is estimated revenue over time. to cost P31,200,000. The company recognizes construction Data on this project for 2022-2024 follow: Contract Costs Est'd Costs Billings 10,500,000 12,500,000 to Complete 20,540,000 incurred 2022 5,460,000 9,984,000 15,756,000 2023 13,156,000 2024 14,440,000 The contract contains a penalty clause that penalizes the company a reduction of P70,000 from the contract price for every week of delay. In 2024, the contract was delayed for 8 weeks What is the gross profit for 2024? 1,164,000 1,466,400 1,724,000 1,824,000 A. c. в. D. Problem 5 MOC Construction Company started work on three job sites during the Any costs incurred are expected to be recoverable. current Data relating to year. the three jobs are given below: Site Contract Cost Estimated Costs Billings on Collections Price Incurred to Complete Contract on Billings 5,000,000 7,000,000 2,500,000 3,750,000 1,000,000 5,000,000 900,000 5,000,000 900,000 | 4,000,000 1,000,000 1,000,000 1,500,000 1,000,000 If the company records revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? 5,500,000 500,000 А. C. 250,000 100,000 в. D. If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? 5,100,000 250,000 100,000 A. C. В. 500,000 D. PIE WICAT
Jun 10, 2022
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