Billy's Builders just obtained a contract for $500,000 to build a home for Mr. & Mrs. Mary. Jones estimates his total cost on the job to be $400,000. During the first month of the job, the following transactions occur: Cash of $10,000 is paid for permits, fees and other startup costs. An invoice is received from the excavation subcontractor for $10,000. The first progress billing is prepared for $60,000.

If the above transactions were the only ones Billy's Builders had for the month, what will the revenue, expense, and profit look like under each accounting method

		Accounting Method
	Cash	Accrual	Percentage of Completion	Completed Contract
Revenue
Expense
Profit