Homework Answers
- Requirement asked
|
Year #1 |
|
|
Revenue |
$ 4,800,000.00 |
|
Gross Profits (Loss) |
$ 1,800,000.00 |
- Working
|
Working |
Year #1 |
|
|
A |
Contract Price |
$ 16,000,000.00 |
|
B |
Cost Incurred to Date |
$ 3,000,000.00 |
|
C |
Estimated cost yet to be incurred to complete the contract |
$ 7,000,000.00 |
|
D = B+C |
Total Cost |
$ 10,000,000.00 |
|
E = (B/D) x 100 |
% of Completion |
30.00% |
|
F = A x E |
Revenue to date |
$ 4,800,000.00 |
|
G |
Revenue of Previous year |
$ - |
|
H = F - G |
Net Revenue this year |
$ 4,800,000.00 |
|
I (=B) |
Cost to date |
$ 3,000,000.00 |
|
J |
Cost to date of previous year |
$ - |
|
K = I - J |
Net Cost for the year |
$ 3,000,000.00 |
|
L = H - K |
Gross Profits |
$ 1,800,000.00 |
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