FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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A Company began a construction project on a building for P3,000,000. The project
was completed during 2020. The accounting records disclosed the following:
Description 2019 2020
Progress billings during the year P1,100,000 P1,900,000
Cost incurred during the year 900,000 1,800,000
Collections on billings during the year 700,000 2,300,000
Estimated cost to complete 1,800,000
What is the balance of construction in progress account at the end of 2020 using
overtime and point-in time method of recording revenue?
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