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GS construction was awarded a contract to build a commercial building in 2008. The contract price was $4,800,000 for four years. Please complete the table
GS construction was awarded a contract to build a commercial building in 2008. The contract price was $4,800,000 for four years. Please complete the table based on the following transactions.
GS construction was awarded a contract to build a commercial building in 2008. The contract price was $4,800,000 for four years. Please complete the table based on the following transactions. Contract Price $ 4,800,000.00 Estimated cost $ 4,500,000.00 Start Date June, 06 Complete Date October 2011 Balance sheet date 31-Dec 2008 2009 Costs to date $ 650,000.00 $ 2,160,000.00 $ 3,370,000.00 $ 4,490,000.00 Estimated costs to complete $ 3,850,000.00 $ 2,340,000.00 $ 1,120,000.00 $ Progress billing during year $ 830,000.00 $ 2,100,000.00 $ 1,220,000.00 $ 650,000.00 Cash collected during year $ 750,000.00 1,650,000.00 $ 1,600,000.00 $ 800,000.00 2010 2011 $ What is "Percentage of Completion" in the year 2009? 45% 4896 49.5% 5196Step by Step Solution
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