Answers
2017 |
2018 |
2019 |
|
Gross Profits (Loss) |
$ 147,980.00 |
$ 69,460.00 |
$ 76,560.00 |
--Working
Working |
2017 |
2018 |
2019 |
|
A |
Contract Price |
$ 902,000.00 |
$ 902,000.00 |
$ 902,000.00 |
B |
Cost Incurred to Date |
$ 294,000.00 |
$ 432,000.00 |
$ 608,000.00 |
C |
Estimated cost yet to be incurred to complete the contract |
$ 306,000.00 |
$ 168,000.00 |
$ - |
D = B+C |
Total Cost |
$ 600,000.00 |
$ 600,000.00 |
$ 608,000.00 |
E = (B/D) x 100 |
% of Completion |
49.00% |
72.00% |
100.00% |
F = A x E |
Revenue to date |
$ 441,980.00 |
$ 649,440.00 |
$ 902,000.00 |
G |
Revenue of Previous year |
$ - |
$ 441,980.00 |
$ 649,440.00 |
H = F - G |
Net Revenue this year |
$ 441,980.00 |
$ 207,460.00 |
$ 252,560.00 |
I (=B) |
Cost to date |
$ 294,000.00 |
$ 432,000.00 |
$ 608,000.00 |
J |
Cost to date of previous year |
$ - |
$ 294,000.00 |
$ 432,000.00 |
K = I - J |
Net Cost for the year |
$ 294,000.00 |
$ 138,000.00 |
$ 176,000.00 |
L = H - K |
Gross Profits |
$ 147,980.00 |
$ 69,460.00 |
$ 76,560.00 |
Gross Profit recognised in:
2017 = $ 0
2018 = $ 0
2019 = 902000 – 608000 = $ 294,000
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2017
2018
2019
Costs to date
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