4. EEE Company has the following data for the year just ended: Costs...
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Accounting
4. EEE Company has the following data for the year just ended: Costs to Date - P9,800,000 Estimated Cost at Completion - P12,250,000 Contract Price - P17,500,000 The company accounts for its large jobs by the percentage of completion method. Billings are done as follows: 20% down payment upon contract signing as mobilization fee Amount billed to client is according to percentage of completion 10% retention fee deductible at the last billing Determine the following: a. Entries to record the transactions b. Amount of contract revenue, contract costs and profit to appear in the income statement C. Balance of Construction in Progress and Progress Billings
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