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?

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?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 25E: Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and...

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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 Cost incurred during the year Collections on billings during the year Estimated cost to complete P1,100,000 P1,900,000 900,000 1,800,000 700,000 2,300,000 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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