FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Please answer No. 22 and 23

The First Part of Question No. 23 is on the other Picture

Provide a complete solution. Thank You

(1 92,000) 2.JM 'n SMDC Company has started construction work on a project with a fixed contract price of P4,000,000. SMDC expects to incur total costs of P3,000,000 on this project. During the first year of the project, the following transactions occurred:
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Transcribed Image Text:(1 92,000) 2.JM 'n SMDC Company has started construction work on a project with a fixed contract price of P4,000,000. SMDC expects to incur total costs of P3,000,000 on this project. During the first year of the project, the following transactions occurred:
Chapter 8- Long Term Construction Contracts Incurred cost of materials, labor and overhead used in the work, P2,400,000. Paid costs of materials purchased but set aside for use in a future date for this project, P200,000. These materials do not have any alternative use and cannot be sold to other parties. Paid and incurred rectification work no expected to be recovered, P260,000. Incurred general and administrative costs that are not reimbursable, P100,000. Incurred selling costs, P60,000. Incidental income from the sale of certain materiałs, P40,000. These specific materials were sold since it was considered surplus from the early phase of the construction. The engineers determined that the original estimate of costs did not include any expected warranty costs of P200,000. 23. Determine the profit for the first year. P600,000 P220,000 a. P840,000 C. b. P715,000 d. On August 1, 2019, Panglao Construction Company obtain a contract to construct a low rise building in Taguig City. The building was estimated to cost P17.5M and is scheduled for completion on October 2021. The contract contains a penalty clause to the effect that the other party is to deduct P35,000 from the contract price for each week of delay. Completion was delayed for 5 weeks. Below are the data pertaining to the construction period. 2019 2020 2021 Costs incurred Estimated cots to complete Progress Billings P1,750,000 7,000,000 1,400,000 P1,085,000 P6,440,000 910,000 15,225,000 4,200,000 24. Using the percentage of completion method, the realized gross profit (loss( for the 2021 is: year P822,500 b. (P35,000) a. P840,000 C. d. (P122,500)
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Transcribed Image Text:Chapter 8- Long Term Construction Contracts Incurred cost of materials, labor and overhead used in the work, P2,400,000. Paid costs of materials purchased but set aside for use in a future date for this project, P200,000. These materials do not have any alternative use and cannot be sold to other parties. Paid and incurred rectification work no expected to be recovered, P260,000. Incurred general and administrative costs that are not reimbursable, P100,000. Incurred selling costs, P60,000. Incidental income from the sale of certain materiałs, P40,000. These specific materials were sold since it was considered surplus from the early phase of the construction. The engineers determined that the original estimate of costs did not include any expected warranty costs of P200,000. 23. Determine the profit for the first year. P600,000 P220,000 a. P840,000 C. b. P715,000 d. On August 1, 2019, Panglao Construction Company obtain a contract to construct a low rise building in Taguig City. The building was estimated to cost P17.5M and is scheduled for completion on October 2021. The contract contains a penalty clause to the effect that the other party is to deduct P35,000 from the contract price for each week of delay. Completion was delayed for 5 weeks. Below are the data pertaining to the construction period. 2019 2020 2021 Costs incurred Estimated cots to complete Progress Billings P1,750,000 7,000,000 1,400,000 P1,085,000 P6,440,000 910,000 15,225,000 4,200,000 24. Using the percentage of completion method, the realized gross profit (loss( for the 2021 is: year P822,500 b. (P35,000) a. P840,000 C. d. (P122,500)
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