25. R&R Construction Limited supplies for April 2024 was: • Construction services $500,000 (exempt VAT activity) • Electrical services $2,000,000 • Surveying services $300,000 • Export services$700,000 The VAT rate is 15% Material for construction work - $15,000 Material for electrical services - $52,500 Material for surveying services - $ 22,500 Purchase of staff uniform $4,950 The Net VAT Payable a. 250,050 b. 270,000 c. 325,050 d. 430,050

25. R&R Construction Limited supplies for April 2024 was: • Construction services $500,000 (exempt VAT activity) • Electrical services $2,000,000 • Surveying services $300,000 • Export services$700,000 The VAT rate is 15% Material for construction work - $15,000 Material for electrical services - $52,500 Material for surveying services - $ 22,500 Purchase of staff uniform $4,950 The Net VAT Payable a. 250,050 b. 270,000 c. 325,050 d. 430,050

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

48. ABC Construction Company began work on a contract in 2022 and completed the contract in 2023. The total contact price was P8,500,000. Information related to the construction project are as follows: 2022 2023 Costs incurred during the year P1,200,000 P6,250,000 Estimated costs to complete 4,800,000 - Progress billings during the year 1,450,000 7,050,000 Collections during the year 800,000 6,000,000 How much is the receivable balance as of December 31, 2023?
How much is the realized gross profit in 2021?
14. What is the Construction in Progress, net of Progress Billings at December 31, 2021, using zero profit method? 250,000 liability 250,000 asset 240,000 asset 240,000 liability Any other amount
Explain clearly
C3
58 Cake Corporation (CC), at the start of its fiscal year, received a Php21,001,400 subsidy from Ph Government to purchase equipment on March 31, 2020. The equipment cost is Php35,700,180 which is equally allocable within eight years with residual value of 6,957,820. The year generated Php8,603,900 revenue with corresponding salaries and administrative expenses of 5,481,345. If CC credited deferred revenue for the subsidy and amortize the grant venue over the equipment life, how much would be the net income at the end of its fiscal year operation?
Answer is $1,800,000. Please explain the reasoning and calculations
Jen Company had a 10% P1,000,000 specific construction loan and 12% P20,000,000 general loan outstanding during 2021. The entity began the self-construction of a building on January 1, 2021 and was completed on December 31, 2021. The following expenditures were made during 2021: January 1, 2021 1,000,000April 1, 2021 2,000,000December 1, 2021 3,000,0001) What is the cost of the building on December 31, 2021?
Question 22 of 30.Ava Limited., which has a calendar year end, has entered into a non-cancellable fixed-price contract for $2.8 million beginning September 1, 2015, to build a road for a municipality. It has been estimated that the road construction will be complete by June 2017. The following data pertain to the construction period. 2015 2016 2017 Costs to date $867,000 $1,804,800 $2,346,000 Estimated costs to complete 1,683,000 1,015,200 0 Progress billings to date (non-refundable) 921,000 2,296,000 2,800,000 Cash collected to date 767,000 2,177,000 2,800,000 a) Calculate the amount of revenue to be recognized in 2015 and 2016.
M5-13. Computing Revenues under Long-Term Contracts Camden Corporation agreed to build a warehouse for a client at an agreed contract price of $900,000. Ex- pected (and actual) costs for the warehouse follow: 2016, $202,500; 2017, $337,500; and 2018, $135,000. The company completed the warehouse in 2018. Compute revenues, expenses, and income for each year 2016 through 2018, and for all three years combined, using the cost-to-cost method.