The Rcc Construction Company uses the percentage-of-completion method of account

Question

The Rcc Construction Company uses the percentage-of-completion method of accounting. In 2014 the company started to work on a contract it hard received which provided for a contract price of P10,000,000. What is the revenue to be recognized in 2014? php 1,000,000 php 1,440,000 php 2,000,000 php 2,500,000 none of the above Determine the amount of gross profit that should be recognized in 2014' Php 200,000 Php 240,000 Php 1, 200,000 php 800.000 non of the above SM sells most of its consumer goods on installment basis during their 3-days sale. One customer bought a bedroom showcase of p300,000 badroom showcase (originally costing p365,000) payable in 4 equal manual installments. How much is the revenue to be recognized during the first year if delivery basis is used? P 0 P300.000 125,000 75,000 none of the above Revenue recognition method which dictates that revenue is recognized in the period in which goods are delivered or services (in full, not in partial) are provided. production method installment method delivery method percentage of completion none of the above Revenue recognition method which states that revenue is only recongnized when installment payments are received and a proportional part of the cost of sales is counted as a count in the same period production method delivery method installment method percentage of completion none of the above

Explanation / Answer

10)

100,000,00 * 1200000 / 6000000 = 20,000,00

so option C is correct.

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