Chapter #10:

Revenue Recognition: Contracts with Customer – Long-Term Construction

38. What amounts should be shown in the statement of profit or revenue, cost of sales and profit for the year
using an output method (sales basis)?
Revenue Cost of Sales Gross profit
a. P 7,200,000 P 5,500,000 P 1,700,000
b. P 6,000,000 P 4,562,500 P 1,437,500
c. P12,000,000 P 9,500,000 P 2,500,000
d. P19,200,000 P15,000,000 P 4,200,000

39. What amounts should be shown in the statement of profit or revenue, cost of sales and profit for the year
using an input method (cost basis)?
Revenue Cost of Sales Gross profit
a. P 7,200,000 P 5,500,000 P 1,700,000
b. P 6,000,000 P 4,562,500 P 1,437,500
c. P12,000,000 P 9,500,000 P 2,500,000
d. P19,200,000 P15,000,000 P 4,200,000

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Use the following information for questions 40 to 43:

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Anton Builders constructs storage house. The projects generally take a number of months to complete. The

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company has three contracts in progress at the year ended 30 April:
J K L

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Cost incurred to date
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P 320,000 P 540,000 P 20,000
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Costs to complete 40,000 90,000 220,000
Contract price 416,000 684,000 300,000
Work certified to date 312,000 456,000 -
Progress Payments 250,000 480,000 -
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Anton Builders accrues profit on its construction contracts using the percentage of completion derived from the
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sales earned as work certified compared to the total sales value.

40. Calculate total expected profit of the year:

ed d

J K L
a. P 56,000 P 54,000 P 60,000
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b. P104,000 P228,000 P 0
c. P 96,000 P144,000 P280,000
d. P166,000 P204,000 P 0
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41. The percentage of completion based on work certified to the total sales value:
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J K L J K L
a. 75.00% 66.67% Nothing certified c. 84.61% 79.82% Nothing certified
b. 97.50% 84.44% 0 d. 76.92% 78.95% 6.67%
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42. What amounts should be shown in the statement of profit or for profit based on work certified to the total
sales value?
J K L
a. P 42,000 P 36,000 P 0
b. P 78,000 P152,000 P 0
c. P 72,000 P 96,000 P 20,000
d. P 72,000 P 96,000 P 0
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 43. What amounts should be shown in the statement of financial position as work-in-process inventory?
J K L
a. P112,000 P 96,000 P 20,000
b. P 72,000 P228,000 P 0
c. P 70,000 P 60,000 P 20,000
d. P 0 P 0 P 0

Use the following information for questions 44 to 46:

Seasons Construction is constructing an office building under contract for Cannon Café. The contract calls for
progress billings and payments of 620,000 each quarter. The total contract price is 7,440,000 and Seasons
estimates total costs of P7,100,000. Seasons estimates that the building will take 3 years to complete, and
commences construction on January 2, 20x4.

44. At December 31, 20x4, Seasons estimates that it is 30% complete with the construction, based on costs
incurred. What is the total amount of Revenue from Long-Term Contracts recognized for 20x4 and what is
the balance in the Accounts Receivable account assuming Cannon Café has not yet made its last quarterly
payment?

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Revenue Accounts Receivable Revenue Accounts Receivable

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a. P2,480,000 P2,480,000 c. P2,232,0000 P 620,000

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b. P2,130,000 P 620,000 d. P2,130,000 P2,480,000

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45. At December 31, 20x5, Seasons Construction estimates that it is 75% complete with the building; however,

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the estimate of total costs to be incurred has risen to P7,200,000 due to unanticipated price increases. What
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is the total amount of Construction Expenses that Seasons will recognize for the year ended December 31,
20x5?
a. P5,400,000 c. P3,195,000
b. P3,150,000 d. P3,270,000
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aC s

46. At December 31, 20x5, Seasons Construction estimates that it is 75% complete with the building; however,
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the estimate of total costs to be incurred has risen to P7,200,000 due to unanticipated price increases. What
is reported in the balance sheet at December 31, 20x5 for Seasons as the difference between the
Construction in Process and the Billings on Construction in Process accounts, and is it a debit or a credit?
ed d

Difference between the accounts Debit/Credit

a. P1,690,000 Credit
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b. P 620,000 Debit
c. P 440,000 Debit
d. P 620,000 Credit
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47. Seasons Construcrion compltes the remaining 25% of the building construction on December 31, 20x6, as
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scheduled. At that time the total costs of construction are P7,500,000. What is the total amount of Revenue
from Long-Term Contracts and Construction Expenses that Seasons will recognize for the year ended
December 31, 20x6?
sh

Revenue Expenses Revenue Expenses

a. P7,440,000 P7,500,000 c. P1,860,000 P2,100,000
b. P1,860,000 P1,875,000 d. P1,875,000 P1,875,000

Use the following information for questions 48 and 49:

Cooper Construction Company had a contract starting April 20x4, to construct a P9,000,000 building that is
expected to be completed in September 20x6, at an estimated cost of P8,250,000. At the end of 20x4, the costs

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 to date were P3,795,000 and the estimated total costs to complete had not changed. The progress billings during
2010 were P1,800,000 and the cash collected during 20x4 was 1,200,000.

48. For the year ended December 31, 20x4, Cooper would recognize gross profit on the building of:
a. P 316,250 c. P 405,000
b. P 345,000 d. P -0-

49. At December 31, 20x4, Cooper would report Construction in Process in the amount of:
a. P 345,000 c. P4,140,000
b. P3,795,000 d. P3,540,000

50. During 20x4, Gates Corp. started a construction job with a total contract price of P3,500,000. The job was
completed on December 15, 20x5. Additional data are as follows:
20x4 20x5
Actual costs incurred…………... P1,350,000 P1,525,000
Estimated remaining 1,350,000 –
costs……... 1,200,000 2,300,000
Billed to 1,000,000 2,400,000

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customer………………

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Received from

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customer………..

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Under the point-in-time/cost recovery method, what amount should Gates recognize as gross profit for
20x5?
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a. P225,000 c. P475,000
b. P312,500 d. None of the above
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Use the following information for questions 51 and 52:

In 20x4, Fargo Corporation began construction work under a three year contract. The contract price is
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P2,400,000. Fargo uses the percentage-of-completion method for financial accounting purposes. The income to
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be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the
contract. The financial statement presentations relating to this contract at December 31, 20x4, follow:
Balance Sheet:
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Accounts receivable—construction contract billings…….

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P100,000
Construction in progress………………………………… P300,000
Less contract billings……………………………………. 240,000
60,000
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Income Statement:
Income (before tax) on the contract recognized
in 20x4…………………………………………...
P60,000
sh

51. How much cash was collected in 20x4 on this contract?

a. P100,000 c. P 20,000
b. P140,000 d. P240,000

52. What was the initial estimated total income before tax on this contract?
a. P300,000 c. P400,000

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 b. P320,000 d. P480,000

Use the following information for questions 53 and 54:

Eilert Construction Company had a contract starting April 20x4, to construct a P15,000,000 building that is
expected to be completed in September 20x5, at an estimated cost of P13,750,000. At the end of 20x4, the costs
to date were P6,325,000 and the estimated total costs to complete had not changed. The progress billings during
20x4 were P3,000,000 and the cash collected during 20x3 was P2,000,000. Eilert uses the percentage-of-
completion method.

53. For the year ended December 31, 20x4, Eilert would recognize gross profit on the building of:
a. P -0- c. P 575,000
b. P 527,083 d. P 675,000

54. At December 31, 20x4, Eilert would report Construction in Process in the amount of
a. P6,900,000 c. P5,900,000
b. P6,325,000 d. P 575,000

55. Belgium Co. is constructing a tunnel for P800 million. Construction began in 20x4 and is estimated to be

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completed in 20x8. At December 31, 20x6, Belgium has incurred costs totaling P356 million with P85

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million of that incurred in 20x6, P143 million in 20x7, and the remainder during 20x8. Belgium believes

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that it completed 30% of the tunnel during 20x6, although that may change based on future activity.

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Belgium Co. uses PAS 11 for its accounting and regards its cost numbers as very uncertain (cost recovery
method/zero-profit approach). What amount of revenue should Belgium Co. recognize for the year ended

o.
December 31, 20x6?
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a. No revenue should be recognized until the contract is completed in 20x8
b. P356 million
c. P240 million
d. P 85 million
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aC s

56. Wynn, Inc. has a contract to construct a large hotel for P12,000,000. The contract was signed on January 2,
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20x4 and it was expected that the hotel would be complete on December 31, 20x7. At the date the contract
was signed, Wynn, Inc. anticipated the costs of construction would total P11,000,000. At the end of 20x5 the
total cost estimate rose to P11,870,000 and at the end of 20x6 the total cost estimate rose to P12,400,000.
ed d

Due to certain circumstances, Wynn, Inc. believes there are inherent hazards in the contract beyond the
normal, recurring business risks. Wynn, Inc. expects to recover all its costs under the contract. Under these
ar stu

conditions, what amount of loss, if any, should Wynn, Inc. recognize in each of the following years?
20x5 20x6 20x5 20x6
a. P870,000 P400,000 c. P870,000 P530,000
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b. P-0- P 400,000 d. P-0- P-0-

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57. Wynn, Inc. has a contract to construct a large hotel for P12,000,000. The contract was signed on January 2,
20x4 and it was expected that the hotel would be complete on December 31, 20x7. At the date the contract
was signed, Wynn, Inc. anticipated the costs of construction would total P11,000,000. At the end of 20x5 the
sh

costs incurred were P3,490,000 and its estimate of total contract costs rose to P11,870,000. During 20x6, the
company incurred cots of P4,020,000 and by the end of 20x6 the total cost estimate rose to P12,400,000.
Due to certain circumstances, Wynn, Inc. believes there are inherent hazards in the contract beyond the
normal, recurring business risks. Wynn, Inc. expects to recover all its costs under the contract. Under these
conditions, what amount of revenue should Wynn, Inc. recognize in each of the following years?
20x5 20x6 20x5 20x6
a. P3,490,000 P4,020,000 c. P3,528,222 P3,890,323
b. P-0- P 400,000 d. P8,380,000 P4,890,000
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 Use the following information for questions 58 to 60:
Gorman Construction Co. began operations in 20x4. Construction activity for 20x4 is shown below. Gorman
uses the overtime/cost recovery method.
Billings Collections Estimated
Contract Through Through Costs to Costs to
Contract Price 12/31/x4 12/31/x4 12/31/x4 Complete
1 P3,200,000 P3,150,000 P2,600,000 P2,150,000 -
2 3,600,000 1,500,000 1,000,000 820,000 P1,880,000
3 3,300,000 1,900,000 1,800,000 2,250,000 1,200,000

58. Which of the following should be shown on the income statement for 20x4 related to Contract 1?
a. Gross profit, P 450,000 c. Gross profit, P1,050,000
b. Gross profit, P1,000,000 d. Gross profit, P 600,000

59. Which of the following should be shown on the balance sheet at December 31, 20x4 related to Contract 2?
a. Contract assets, P680,000 c. Contract liabilities, P 680,000
b. Contract assets, P820,000 d. Contract liabilities, P1,500,000

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60. Which of the following should be shown on the balance sheet at December 31, 20x4 related to Contract 3?

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a. Contract assets, P200,000 c. Contract liabilities, P2,100,000

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b. Contract assets, P350,000 d. Contract liabilities, P2,250,000

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61. GR&R Enterprise entered into a construction agreement in 20x4 that called for a contract price of
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P9,600,000. At the beginning of 20x5, a change order increase the initial contract price by P480,000. In
relation to the project, the following data were obtained.
20x4 20x5
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Costs incurred to date………….. P4,920,000 P8,640,000

Estimated costs to complete…… 4,920,000 2,160,000
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vi y re

Billings made to date………….. 5,280,000 8,700,000

Collections made to date………. 4,920,000 8,700,000

Compute the amount of construction in progress (net) – contract assets of progress billings (net) – contract
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liabilities for the year 20x5:

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Percentage-of-completion Cost Recovery Method

Method/Overtime Construction Accounting/Point-in-Time
a. P780,000 – liabilities P780,000 – liabilities
b. P780,000 – assets P780,000 – assets
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c. P 60,000 – liabilities P 60,000 – liabilities

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d. P636,000 – liabilities P636,000 – liabilities

62. The Giant Construction Company started work in three job sites during the current year. Any costs incurred
are expected to be recoverable. Data relating to the three jobs are given below:
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Contract Costs Estimated costs Billings on Collections

Price Incurred to complete contract on contract
Project 6 P500,000 P375,000 P500,000 P500,000
Project 7 700,000 100,000 P400,000 100,000 100,000
Project 8 250,000 100,000 100,000 150,000 100,000

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 What would be the amount of Construction-in-Progress account to be reported on the year-end balance sheet
if the (1) overtime/percentage-of-completion method, and (2) point-in-time/cost recovery method of
construction accounting were used?
a. (1) P765,000; (2) P700,000 c. (1) P265,000; (2) P265,000
b. (1) P765,000; (2) P765,000 d. (1) P265,000; (2) P200,000

Use the following information for questions 63 to 65:

Arizona Desert Homes (ADH) constructed a new subdivision during 20x4 and 20x5 under contract with Cactus
Development Co. Relevant data are summarized below:
Contract amount………………………………………… P3,000,000
Cost……………………………………………………... 20x4 1,200,000
20x5 600,000
Gross profit……………………………………………... 20x4 800,000
20x5 400,000
Contract…………………………………………………. 20x4 1,500,000
Billings………………………………………………….. 20x5 1,500,000

ADH uses the overtime/percentage-of-completion method to recognize revenue.

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63. What would be the journal entry made in 20x4 to record revenue?

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a. Accounts receivable………………………………............... 1,500,000

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Revenue for long-term contracts………………….... 1,500,000
b. Accounts receivable………………………………………... 2,300,000

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Gross profit…………………………………………. 800,000
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Revenue for long-term contracts…………………… 1,500,000
c. Construction in progress…………………………………… 800,000
Cost of construction……………………………………….. 1,200,000
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Revenue for long-term contracts…………………… 2,000,000

d. Accounts receivable………………………………………... 1,500,000
aC s

Billings in excess of cost…………………………………… 300,000

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Revenue for long-term contracts…………………… 1,800,000

64. In its December 31, 20x4 balance sheet, ADH would report:
ed d

a. The asset, cost and profits in excess of billings, of P500,000.

ar stu

b. The liability, billings in excess of cost, of P300,000.

c. The asset, contract amount in excess of billings, of P1,500,000.
d. The asset, deferred profit, of P400,000.
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65. What would be the journal entry to record revenue in 20x5?

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a. Accounts receivable………………………………............... 1,500,000

Revenue for long-term contracts………………….... 1,500,000
b. Construction in progress…………………………………… 400,000
Cost of construction……………………………………….. 600,000
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Revenue for long-term contracts…………………… 1,000,000

c. Cost of construction………………………………………... 2,000,000
Gross profit………………………………………………… 1,000,000
Revenue for long-term contracts…………………… 3,000,000
d. Accounts receivable………………………………............... 1,500,000
Cost of construction………………………………… 600,000
Gross profit…………………………………………. 600,000
Deferred revenue…………………………………… 300,000
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 66. As of December 31, 20x6, Cady Construction has one construction job for which the construction in
progress (CIP) account has a balance of P20,000 and the billings on construction contract account has a
balance of P14,000. Cady has another construction job for which the construction in progress account has a
balance of P3,000 and the billings on construction contract account has a balance of P5,000. Indicate the
amount of contract asset and/or contract liability that Cady would show in its December 31, 20x6, balance
sheet?

Use the following information for questions 67 to 69:

Sahara Desert Homes (SDH) reports under PFRS, and constructed a new subdivision during 20x4 and 20x5
under contract with Cactus Development Co. Relevant data are summarized below:
Contract amount………………………………………… P3,000,000
Cost……………………………………………………... 20x4 1,200,000
20x5 600,000
Gross profit……………………………………………... 20x4 800,000
20x5 400,000
Contract…………………………………………………. 20x4 1,500,000
Billings………………………………………………….. 20x5 1,500,000

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SDH uses the point-in-time/cost recovery method under PFRS to recognize revenue.

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67. What would be the journal entry made in 20x4 to record revenue?
a. Accounts receivable………………………………............... 1,500,000

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Revenue for long-term contracts………………….... 1,500,000
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b. Accounts receivable………………………………………... 2,300,000
Gross profit…………………………………………. 800,000
Revenue for long-term contracts…………………… 1,500,000
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c. Construction in progress…………………………………… 800,000

Cost of construction……………………………………….. 1,200,000
aC s

Revenue for long-term contracts…………………… 2,000,000

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d. Cost of construction……………………………………….. 1,200,000

Revenue for long-term contracts…………………… 1,200,000
ed d

68. In its December 31, 20x4 balance sheet, SDH would report:
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a. The asset, cost and profits in excess of billings, of P500,000.

b. The liability, billings in excess of cost, of P300,000.
c. The asset, contract amount in excess of billings, of P1,500,000.
d. The asset, deferred profit, of P400,000.
is
Th

69. What would be the journal entry to record revenue in 20x5?

a. Accounts receivable………………………………............... 1,500,000
Revenue for long-term contracts………………….... 1,500,000
b. Construction in progress…………………………………… 400,000
sh

Cost of construction……………………………………….. 600,000

Revenue for long-term contracts…………………… 1,000,000
c. Cost of construction………………………………………... 2,000,000
Gross profit………………………………………………… 1,000,000
Revenue for long-term contracts…………………… 3,000,000
d. Construction in progress…………………………………… 1,200,000
Cost of construction………………………………………... 600,000
Revenue for long-term contracts…………………… 1,800,000
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 70. The company signed an P800,000 contract to build an environmentally friendly access trail to Morayta,
Manila. The project was expected to take approximately 3 years. The following information was collected
for each year of the project – Year 1, Year 2, and Year 3:
Cost Expected Support Additional Trail feet Additional
Expended additional timbers laid support constructed trail feet to
during the cost to during the timbers to during the be
Year Year completion year be laid year constructed
1 P100,000 P450,000 150 850 3,000 15,200
2 150,000 280,000 300 520 7,500 8,200
3 250,000 -0- 500 -0- 8,000 -0-
Compute the amount of revenue to be recognized in Year 3, assume that the company employs: (1) the
efforts-expended method of estimating percentage of completion, if the company measures its progress by
the number of support timbers laid in the trail, and (2) an output measure, if the company measures its
progress by the number of trail feet that have been completed:
a. (1) P428,684; (2) P350,800 c. (1) P428,684; (2) P422,640
b. (1) P422,640; (2) P350,800 d. (1) P350,800; (2) P428,864

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Use the following information for questions 71 and 72:

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Chicane Builders, Inc. employs the cost-to-cost method in determining the percentage-of-completion for

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revenue recognition. The company’s records show the following information on a recently completed project for

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a contract price of P5,000,000.

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20x4 20x5 20x6
Costs incurred
rs eto P 900,000 P2,550,000 P ?
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date………………… 100,000 350,000 (50,000)
Gross profit (loss)…………………….
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71. The estimated costs to complete the project at December 31, 20x5:
a. P 850,000 c. P2,300,000
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b. P1,700,000 d. P2,550,000

72. The actual costs incurred during the year 20x5:

a. P2,550,000 c. P2,200,000
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b. P2,300,000 d. P2,050,000
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73. On October 1, 20x5, Delta signed a fixed term construction contract. Details are as follows:
 Fixed contract price of P60,000,000; due date of completion, September 30, 20x4; costs incurred to date
on the contract have been P26,000,000. These comprise materials, labor and overheads of P12,000,000
is

and other costs of construction of P14,000,000 purchased on October 1, 20x5).

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 Future material, labor and overhead costs are estimated at P25,000,000. No further investment in plant
will be needed; before the year-end the contract was certified as 30% complete by an independent
expert. This entitled Delta to a progress payment of P5,000,000, which was received before the year-
end.
sh

Compute the amount of contract assets/liabilities (using output measure – proportional cost approach).
a. P21,000,000 liabilities c. P23,700,000 assets
b. P27,700,000 assets d. P23,700,000 liabilities

74. In 20x4, Kalye Construction Company was constructed to build the private road network of Aloya
Subdivision for P100 million. The project was expected to be finished in 2 years, and the contract provided
for:

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  A five percent mobilization fee (to be deducted from the last billing), payable within 15 days from the
contract signing. A retention provision of ten percent on all billings, payable with the final bill after the
completed project is accepted.
 Payment of progress billings within 7 days from acceptance.
Kalye, which uses the percentage-of-completion method of accounting for income, estimated a 25% gross
margin on the project. By the end of the year, Kalye had presented progress billings to Alaya corresponding
to 50% completion, Alaya accepted all the bills presented, except one for 10% which was accepted on
January 5 of next year. With the exception of the second to the last billing for 8% which was due January 5
of next year. With the exception of the second to the last billing for 8% which was due January 3 of next
year, all accepted billings were settled. In 20x4, Kalye Construction Company realized gross profit from the
project the amount of:
a. P 7,500,000 c. P12,500,000
b. P10,000,000 d. P25,000,000

75. On September 30, 20x4, Jaja Inc. was awarded to contract to contract to build a 1,000-room hotel for P120
million. Among others, the parties agreed to the following:
 Ten percent mobilization fee (deductible from “final billing”) payable within ten days from the signing
of the contract retention of ten percent on all billings (to be paid within the final billing upon completion

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and acceptance of the project; and

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 Progress billings are to be paid within 2 weeks upon acceptance.

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By the end of 20x4, the company has presented one progress billing, corresponding 10% completion, which

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was evaluated and accepted by the client on December 29, 20x4 for payment in January of next year. In
20x4, assuming use of the percentage-of-completion method of accounting, Jaja Inc. received cash a total

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fee of:
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a. P 1,200,000 c. P12,000,000
b. P11,880,000 d. P13,200,000

76. In 20x4, AJD Construction company was contracted to build Village Company’s private road network for
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P100 million. The project was estimated to be completed in two years and the contract provided for:
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 5% mobilization fee (to be deducted from the last billing) payable within 15 days after the signing of the
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contract; 10% retention provision on all billings, and

 Payment of progress billings within 10 days from acceptance.
AJD, which uses the percentage-of-completion method of accounting, estimated a 25% gross margin on the
ed d

project. By the end of 20x4, AJD has presented progress billings corresponding to 50% completion. All of
the progress billings presented in 20x4 were accepted, except the last on for 10% which was accepted on
ar stu

January 5, 20x5. With the exception of one bill for 8% which was due on January 7, 20x5, all of the billings
accepted in 20x4 were settled. Payments made by Village Company in 20x4 amounted to:
a. P33,800,000 c. P40,000,000
is

b. P38,500,000 d. P45,000,000
Th
sh

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