Solution
2021 | 2022 | 2023 | |
Revenue | $ 2,900,000 | $ 3,607,815 | $ 3,492,185 |
Gross profit | $ 841,000 | $ (287,185) | $ 197,185 |
Working
Working | 2021 | 2022 | 2023 | |
A | Contract Price | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 |
B | Cost Incurred to Date | $ 2,059,000 | $ 5,954,000 | $ 9,249,000 |
C | Estimated cost yet to be incurred to complete the contract | $ 5,041,000 | $ 3,195,000 | $ 0 |
D = B+C | Total Cost | $ 7,100,000 | $ 9,149,000 | $ 9,249,000 |
E = (D/B) x 100 | % of Completion | 29% | 65% | 100% |
F = A x E | Revenue to date | $ 2,900,000 | $ 6,507,815 | $ 10,000,000 |
G | Revenue of Previous year | $ 0 | $ 2,900,000 | $ 6,507,815 |
H = F - G | Net Revenue this year | $ 2,900,000 | $ 3,607,815 | $ 3,492,185 |
I | Cost to date | $ 2,059,000 | $ 5,954,000 | $ 9,249,000 |
J | Cost to date of previous year | $ 0 | $ 2,059,000 | $ 5,954,000 |
K = I - J | Net Cost for the year | $ 2,059,000 | $ 3,895,000 | $ 3,295,000 |
L = H - K | Gross Profits | $ 841,000 | -$ 2,87,185 | $ 197,185 |
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