I'm not sure if this percentage of completion assignment is right.

Name: Excel Assignment (Percentage-of-completion) Required: 1- Using the data provided below you are to input formulas in the area designated below to calculate: % complete, revenue to be recognized in each year, and gross profit to be recognized in each year. You may not alter this spreadsheet e.g., do not add other sections, do not change the descriptions of cell titles, do not modify the format of the designated area below to calculate: % complete, revenue to be recognized in each year, and gross profit to be recognized in each year, etc. Any modification will result in your receiving zero points for this portion of the Excel assignment. Simply input your formulas in the designated area. (10 points) Hint: I suggest you go to Google and look up the IF Then formulas/functions and Absolute Value function for Excel before you determine how to input your formulas or reference certain cells. I also suggest you use formulas with an IF function regarding the gross profit section of your spreadsheet because your spreadsheet should be able to calculate correct answers whether a contract generates a profit or loss. See instructions for submitting completed assignment by due date on blackboard. 2- Using the data given and the solutions your spreadsheet generated print out the JE Document posted and use it to prepare all journal entries for 2013. Your journal entries must be handwritten and turned in at the beginning of class the day this assignment is due. (10 points) Data: Contract price 1,200,000 2012 Costs incurred to date** Estimated costs yet to be incurred Customer billings to date** Collections of billings to date** 2013 $280,000 520,000 250,000 120,000 2014 $600,000 200,000 500,000 320,000 $785,000 0 1,200,000 1,040,000 **Hint: You have to figure out the actual cost, billings, and collections for each respective year. The reason why is because the information presented is "to date" not "Costs expended this year" as in the handouts and some of your assigned exercises/problems. Use the format provided below to input formulas for each respective year. 2012 Costs expended to date Estimated total costs % complete Contract price % complete Revenue recognized to date Revenue recognized prior Revenue recognized current Estimated total gross profit % complete Gross profit recognized to date Gross profit recognized prior Gross profit recognized current 2013 2014 280,000 800,000 35% 880,000 1,080,000 81% 1,665,000 1,665,000 100% 1,200,000 35% 420,000 0 420,000 1,200,000 81% 977,778 (420,000) 557,778 1,200,000 100% 1,200,000 (977,778) 222,222 400,000 35% 140,000 0 140,000 120,000 81% 97,778 (140,000) (42,222) (465,000) 100% (465,000) (97,778) (562,778)