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Cost incurred to date $280,000 $600,000 $785,000

Estimated cost to completion future years 520,000 200,000 0

Billings to customer to date 150,000 500,000 1,200,000

Cash receipts from customer to date 120,000 320,000 940,000

Instructions:

1. Compute percentage complete and the estimated total gross profit by year.

2. Compute Revenue and Gross Profit, by year.

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M942938

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