Homework Answers
Solution:
| Year | Revenue | Expenses | Income |
| 2016 | $ 526,316 | $ 400,000 | $ 126,316 |
| 2017 | $ 1,315,789 | $ 1,000,000 | $ 315,789 |
| 2018 | $ 657,895 | $ 500,000 | $ 157,895 |
| Year | Actual Cost Incurred(A) | Actual Cost Incurred till date(B) | Total Estimated cost(C) | Percentage of Completion(D=B/C) | Contract Price(E) | Revenue to be recognized(F=E*D) | Revenue for Current Period(G) | Income(G-A) |
| 2016 | $ 400,000 | $ 400,000 | $ 1,900,000 | 0.21 | $ 2,500,000 | $ 526,316 | $ 526,316 | $ 126,316 |
| 2017 | $ 1,000,000 | $ 1,400,000 | $ 1,900,000 | 0.74 | $ 2,500,000 | $ 1,842,105 | $ 1,315,789 | $ 315,789 |
| 2018 | $ 500,000 | $ 1,900,000 | $ 1,900,000 | 1.00 | $ 2,500,000 | $ 2,500,000 | $ 657,895 | $ 157,895 |
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