as detailed as possible on your explanations please...Thank you!

Download AutoSave OH Excel Assignment - Theory 1 Final draft Search File Home Insert Draw Page Layout Formulas Data Review View Help X Cut Copy ~ Format Painter Calibri 11 AA === BTU 13 a.A- 2 Wrap Text Paste Percentage IH Merge & Center $ -% - Conditional For Formatting TL Clipboard Font Alignment Number Styles D39 fy =D37/38 F A B C 19 Data: D E 20 21 Contract price 1,200,000 22 23 2019 2020 2021 24 Costs incurred to date. $280,000 $600,000 $785,000 25 Estimated costs yet to be incurred 520,000 200,000 O 26 Customer billings to date 250,000 500,000 1,200,000 27 Collections of billings to date** 120,000 320,000 1,040,000 28 29 30 **Hint: You have to figure out the actual cost, billings, and collections for each respective year. The information presented is to 31 date" not "Costs expended this year" as in the handouts and some of your assigned exercises/problems. 32 33 34 Use the format provided below to input formulas for each respective year. 35 36 2019 2020 2021 IF Function 37 Costs expended to date 280,000 880,000 1,665,000 38 Estimated total costs 1,080,00 1,565,000 39 % complete 35% 81% 100%) 40 41 Contract price 1,200,00X) 1,200,000 1,200,000 54% 81% 100% 42 % complete 646,154 977,778 43 Revenue recognized to date 1,200,000 0 646,154 977,778 44 Revenue recognized prior 616,154 331,624 222,222 45 Revenue recognized current 46 400.000 120.000 (465.00 47 Estimated total woss profit Calculations Journal Entries Sheet] Sheet1 + Ready O BI Type here to search H00,000 3. 4 2 1 W E R Tab