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- Problem 3. The Noka Construction Co. started work on three job sites during the current year. Data relating to the three jobs are given below: Site Contract Price Cost Incurred Est. Cost to Complete Billing on Contract Collection contract Cavite 500, 000 375,000 P500, 000 400, 000 100, 000 100, 000 Rizal 700, 000 400, 000 100, 000 50, 000 Bulacan 250, 000 100, 000 What would be the amount of cost of constructions to be reported on the year-end balance sheet if the percentage of completion method is used?CS Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Billings on Contract Site Contract Cost Estimated Costs to Complete Collections on Price Incurred 3,750,000 1,000,000 Billings 5,000,000 900,000 1,000,000 1 5,000,000 5,000,000 900,000 2 7.000,000 2.500.000 4,000,000 3 1.000,000 1,000,000 1.500,000 1. If the company recoeds revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,500,000 B. S00,000 C 250,000 D. 100,000 2. 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 317 A. 5,100,000 8. S00,000 C 250,000 D. 100,000CS Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Site Contract Cost Estimated Costs Billings on Collections on Price Incurred to Complete Contract Billings 5,000,000 1 5,000,000 3,750,000 5,000,000 2 7,000,000 1,000,000 4,000,000 1,000,000 900,000 1,500,000 900,000 1,000,000 3 2,500,000 1,000,000 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? A. 5,100,000 B. 500,000 C. 250,000 D. 100,000
- Problem 3. The Noka Construction Co. started work on three job sites during the current year. Data relating to the three jobs are given below: Site Contract Price Cost Incurred Est. Cost to Complete Billing on Contract Collection contract Cavite 500, 000 375,000 P500, 000 400, 000 Rizal 700, 000 100, 000 400, 000 100, 000 50, 000 Bulacan 250, 000 100, 000 100, 000 What amount of income should be reported for the current year if the zero profit method is used for all contracts? What amount of income should be reported for the current year if the percentage of completion method is used for all contracts? What would be the amount of construction progress to be reported on the year-end balance sheet if the percentage of completion method is used?cS Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Estimated Costs to Complete Site Contract Cost Billings on Collections on Price Incurred Contract Billings 5,000,000 3,750,000 5,000,000 5,000,000 2 7,000,000 1,000,000 4,000,000 900,000 900,000 3 2,500,000 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? A. 5,500,000 B. 500,000 C. 250,000 D. 100,000Archangel Manufacturing calculated a predetermined overhead allocation rate at the beginning of the year based on direct labor costs. The production details for the year are given below: Total manufacturing overhead costs estimated at the beginning of the year Total direct labor costs estimated at the beginning of the year Total direct labor hours estimated at the beginning of the year Actual manufacturing overhead costs for the year Actual direct labor costs for the year Actual direct labor hours for the year 11,000 di 10,000 di Calculate the manufacturing overhead allocation rate for the year based on the above data (Round your final answer to two decimal places.) A. 28.00% B. 11.43% OC. 43.75% OD. 264.29%
- Springthorpe entered a three-year contract on 1 January 20X2 to build a factory. This is a contract where performance obligations are satisfied over time. The percentage of performance obligations satisfied is measured according to certificates issued by a surveyor. The contract price was $20 million. At 31 December 20X2 details of the contract were as follows. $m Costs to date 9 Estimated costs to complete 5 Amounts invoiced 4 Valuation certified complete work 4.5 Required: Explain, with journal entry, how to account for above transaction in accordance to IFRS 15: Revenue from contract with customer and prepare extracted financial statements for the year ended 31 December 20X2Please help me by showing your solution in good accounting form. Thank you! MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Site Contract Price Cost Incurred Estimated Costs to Complete Billings on Contract Collections on Billings 1 5 000 000 3 750 000 - 5 000 000 5 000 000 2 7 000 000 1 000 000 4 000 000 900 000 900 000 3 2 500 000 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 a current asset in the balance sheet of MOC Construction Company as of December 31?A. 5,500,000 C. 250,000B. 500,000 D. 100,000 If the company records revenue at a point in time, how much must be shown as a current asset in the balance sheet of MOC Construction Company as of December 31?A. 5,100,000 C. 250,000B. 500,000 D. 100,000The firm incurred the following costs for the month: direct materials = ₱66,000; manufacturing overhead = ₱138,000; direct labor = ₱56,000; selling expenses = ₱32,000; and administrative expenses = ₱42,000.00. The conversion cost for the month would be? a. ₱122,000 b. ₱194,000 c. ₱260,000 d. ₱226,000 e. ₱268,000 f. ₱334,000.
- ABC Construction uses the percentage-of-completion method for long-term construction contracts. A specific job was begun in 2003 and completed in 2005. The contract price was P14,000,000 and cost information as of each year –end is given below: 2003 2004 2005End of year estimated cost to complete P4,000,000 P2,000,000 - Annual cost incurred 4,000,000 4,000,000 P1,200,000Assuming ABC correctly recorded gross profit in 2003, how much gross profit should the company record in 2004?P -0- P3,000,000P 200,000 P3,200,000 How much is the construction in progress account in 2004?11,200,000 9,200,0008,000,000 0How much is the construction in progress account in 2004?11,200,000 14,000,0008,000,000 0During 20x4, Gates corp. started a construcfion job with a total contract price of P3,500,00. The job was completed on December 15, 20x5. Additional data are as follows: 20x4 20x5 Actual costs incurred Esimated remaining costs Billed to customer Received from customer 1,350,000 1,525,000 1,350,000 1,200,000 2,300,000 1,000,000 2,400,000 Under the cost recovery method, what amount should Gates recognize as gross proft for 20x5? a 225,000 475,000 b 312,000 d None of the above8. The following cost relate to XYZ Corp for the year:Sales commission expenses P 185,000Direct materials 215,000Conversion cost 435,000Factory overhead 190,000 (40% of which is fixed)What is the TOTAL PERIOD COSTS?
