2014 441000 2015 2016 Con struction in Progress Estimated costs to complete

2014 441000 2015 2016 con struction in progress

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2014 441,000 2015 ? ? 2016 ') Construction in Progress Estimated costs to complete Costs Incurred 425,250 969,000 ? 675,750 Excess of Construction In Progress over Billings 84,000 current liability 330,750 current liability 31. How much 1s the estimated remaining cost in 2014? d. 35. How much 1s the e.1<cess of construction in progress over progress billings or progress billing over construction in '7:!-T progress in 2015? ,., _ J ~q ( r -'llr1 r --On April 30, 2016, LOU and WILL entered into a franchise agreement with Food Trip Inc. to sell their products the.rlQ?07 agreement provides for an Initial franchise fee of P 1,200,000 which 1s payable as follows: P 400,000 cash to be paid upon ( LICtr,.rt:i\. signing the contract, and the balance In five equal annual installments every December 1, starting 1n 2016. LOU and WILL ..._ signs a non interest beanns note for the balance. The credit rating of the franchisee indicates that the money can be(,f2Sf\.> Cfi borrowed at 10%. The present value factor of an ordinary annuity at 10% for S periods 1s 3 .7908 The agreem~t further provides that the franchisee must pay a continuing franchise fee equal to 5% of ,ts monthly gross sales. food Tnp Inc. Incurred direct cost of P 540,000, of which P 170,000 is related to continuing services and indirect costs of P 72,000, of which P 18,000 Is related to conttnu1ns services. The franchisee started busi·ne . Sept-'--· 2 ss operations on ,..,.....,. , 2016 and was able to generate sales of P 950,000 for 2016. The first installment paym t date. en w as made in due 36 Assumint that the cottectabillty c,t the note Is not reasonably assured, how much is the net inc f h for the ftscal year ended Decembj:r 1, 2016? ome O t e franchisor P 172,650 b. P f 4,508 c P 252,206 d.
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