Reference no: EM133031567
Question - On January 1, 2021 a contractor enters into a construction contract which includes a fixed contract price of P12,000 to build a bridge. The contractor's initial estimate of contract costs is P8,000 over a three-year construction period. The contractor has a December 31 year-end.
On December 31, 2021 the contractor's estimate of total contract costs is still P8,000. However, by the end of 2022 the contractor's estimate of contract costs increased to P10,000, excluding the variation below.
In 2022 the customer and the contractor agree to a variation resulting in an increase in contract revenue of P200 and estimated additional contract costs of P150.
Actual cumulative costs incurred to the end of 2021, 2022 and 2023 (the end of the contract) including the costs of the variation are P3,000, P7,105 and P10,050 respectively.
At the end of 2021, 2022 and 2023 the customer paid the contractor progress billings of P5,000, P3,000 and P4,200 respectively. The contractor determines the stage of completion of the contract by calculating the proportion that contract costs incurred for work performed to date bear to the latest estimated total contract costs.
How much is the profit (loss) for the year 2021, 2022 & 2023, respectively?
|
Common marketing opportunity options
: Below is a list of 'common marketing opportunity options' that businesses may consider as part of their marketing plan.
|
|
Identify and record the core competencies
: Summarize your impressions of the interview or meeting with the client or client system and Describe how you engaged in the promotion of diversity
|
|
How much are your monthly mortgage payments
: Your mortgage loan terms are 30 years of monthly payments at an annual rate of 5.76%. How much are your monthly mortgage payments
|
|
Business operation into dubai
: An Australian-based baking company wants to move its business operation into Dubai. Instead of moving manufacturing into Dubai, the company wants to collaborate
|
|
How much is the profit or loss for the year
: On December 31, 2021 the contractor's estimate of total contract costs is still P8,000. How much is the profit or loss for the year
|
|
What stage of the business cycle is country
: Many of the nation's biggest retailers have begun hiring larger numbers of new employes. In what stage of the business cycle is this country
|
|
What is the proper amount of net income reported
: APEC paid the cost of shipment of the returned units amounting to P20,000. What is the proper amount of net income reported by the consignor
|
|
Characterize the purpose of the literature review section
: Consider the research article by Cassia, Costa, da Silva, and de Oliveira Neto (2020) provided in this topic.
|
|
What is the present value
: If you are offered ?$300,000 in 13 years and you can earn 11 percent on your? money, what is the present value of ?$300,000?
|