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You have a contract for $200,000. The following events occur: March 1 – the project starts...

You have a contract for $200,000. The following events occur: March 1 – the project starts March 20 – The subcontractors bill for $80,000 to the contractor Between March 1 and March 31 – 45% of the contract was completed April 10 – The subcontractor was paid $80,000 April 20 – The subcontractors billed $100,000 to the contractor Between April 1 and April 30 – 55% of the contract was completed April 30 – the project ends and the contractor billed the owner in full. May 10 – The contractor paid $100,000 to the sub-contractors. May 20 – the owner paid the contractor $200,000 Determine when revenues and expenses are recognized on the Percent Completion method? Fill in the relevant financial activities in the below.

March April May

Revenues

Expenses

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Answer #1
March April May
Revenue 90000 110000 0
Less Cost incurred 80000 100000 0
Gross profit 10000 10000 0
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