What is the amount of profit or loss to be recognized for the year ended December 31, 2013?a. 36,000b. (12,800)c. 184,000d. 171,200 On March 1, 2011, GG Company contracted to construct a factory building far HH Mfg. For atotal contract price of P1, 344, 000. The building was completed by October 31, 2013. Thecompany uses percentage of completion method.Contract costs incurred during the yearEstimated costs to complete the contractBillings during the year2011P512, 000512, 000512,0002012P416,000232, 000560, 0002013P232, 000272, 000

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Description: What is the amount of profit or loss to be recognized for the year ended December 31, 2013?a. 36,000b. (12,800)c. 184,000d. 171,200 On March 1, 2011, GG Company contracted to construct a factory building far HH Mfg. For atotal contract price of P1, 3

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What is the amount of profit or loss to be recognized for the year ended December 31, 2013? a. 36,000 b. (12,800) c. 184,000 d. 171,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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