Fill in the blank with a number by the percentage of completion method of accounting based on the following information about a construction company. What is the amount of total assets (s) on the balance sheet of May 31th? Company's total assets and liabilities by the end of April Total Assets (Cash only): $2,299,000 Total Liabilities: $1,104.000 Construction project Contract terms - Duration: 4/1 - 12/31 o Contract amount: 5610,000 with the owner 5547,000 with the subcontractors including the suppliers Terms of payment: Monthly payment The owner pays the contractor within a month after the contractor bills the owner. The owner holds 5% of each payment to the contractors for retention. The contractor pays the subcontractors within a month after the subcontractors bill the contractor. The contractor holds 5% of each payment to the subcontractors for retention. Information related to revenues and expenses in the project 1.4/1 Project Start 2. 4/26 The subcontractors billed $52,000 to the contractor. 3.4/30 The contractor billed $58,000 to the owner. 4. 5/20 The owner paid 95% of the amount that the contractor billed in March to the contractor. 5% was held for retention. 5.5/20 The contractor paid 95% of the amount that the subcontractors billed in March to the subcontractors. 5% was held for retention. 6. 5/26 The subcontractors billed $40,000 to the contractor. 7.5/31 The contractor billed $45,000 to the owner. The amount of total assets ($) on the balance sheet of May 31th is (Answer with an integer. Round up or down the number): Fill in the blank with a number by the percentage of completion method of accounting based on the following information about a construction company. What is the amount of total assets (s) on the balance sheet of May 31th? Company's total assets and liabilities by the end of April Total Assets (Cash only): $2,299,000 Total Liabilities: $1,104.000 Construction project Contract terms - Duration: 4/1 - 12/31 o Contract amount: 5610,000 with the owner 5547,000 with the subcontractors including the suppliers Terms of payment: Monthly payment The owner pays the contractor within a month after the contractor bills the owner. The owner holds 5% of each payment to the contractors for retention. The contractor pays the subcontractors within a month after the subcontractors bill the contractor. The contractor holds 5% of each payment to the subcontractors for retention. Information related to revenues and expenses in the project 1.4/1 Project Start 2. 4/26 The subcontractors billed $52,000 to the contractor. 3.4/30 The contractor billed $58,000 to the owner. 4. 5/20 The owner paid 95% of the amount that the contractor billed in March to the contractor. 5% was held for retention. 5.5/20 The contractor paid 95% of the amount that the subcontractors billed in March to the subcontractors. 5% was held for retention. 6. 5/26 The subcontractors billed $40,000 to the contractor. 7.5/31 The contractor billed $45,000 to the owner. The amount of total assets ($) on the balance sheet of May 31th is (Answer with an integer. Round up or down the number)
