Question
Happy Dam Co obtained a contract to build the dam for $16.8 million. The contract is estimated to be completed at a cost of $14
Happy Dam Co obtained a contract to build the dam for $16.8 million. The contract is estimated to be completed at a cost of $14 million. The following information related to the contract is presented: (in $)
| 2020 | 2021 | 2022 | |
| The costs incurred are issued until the year: | 5.760.000 | 10.220.000 | 14.600.000 |
| Estimated cost of next settlement | 7.040.000 | 4.380.000 | - |
| Current year billing | 7.000.000 | 6.400.000 | B |
| Cash received in the current year | C | 5.750.000 | 4.750.000 |
Required:
- Calculate the percentage of completions for 3 years
- Keep all the necessary journals if the company uses the percentage of completion method!
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Statistical Analysis Microsoft Excel 2013
Authors: Conrad Carlberg
1st Edition
0789753111, 9780789753113
