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In 2 0 2 4 , KP Building Incorporated began work on a four - year construction project ( called Cincy One ) . The
In KP Building Incorporated began work on a fouryear construction project called Cincy One The contract price is $ million. KP recognizes revenue on this contract over time according to percentage of completion. At the end of the following financial statement information indicates the results to date for Cincy One: INCOME STATEMENT: Gross profit beforetaxes recognized in BALANCE SHEET: Accounts receivable from construction billings Construction in progress Less: Billings on construction $ million $ million $ million $ million Net billings in excess of construction in progress Required: Compute the following, placing your answer in the spaces provided. Note: Round your percentage answer to the nearest whole number. Enter your answers in millions ie should be entered as tableCash collected by KP on Cincy One during $millionActual costs incurred by KP on Cincy One during $million,At the estimated remaining costs to complete Cincy One,,million,The percentage of Cincy One that was completed during
In KP Building Incorporated began work on a fouryear construction project called Cincy One The contract price is $ million. KP recognizes revenue on this contract over time according to percentage of completion. At the end of the following financial statement information indicates the results to date for Cincy One:
INCOME STATEMENT:
Gross profit beforetaxes recognized in
BALANCE SHEET:
Accounts receivable from construction billings
Construction in progress
Less: Billings on construction
$ million $ million
$ million
$ million
Net billings in excess of construction in progress
Required:
Compute the following, placing your answer in the spaces provided.
Note: Round your percentage answer to the nearest whole number. Enter your answers in millions ie should be entered as
tableCash collected by KP on Cincy One during $millionActual costs incurred by KP on Cincy One during $million,At the estimated remaining costs to complete Cincy One,,million,The percentage of Cincy One that was completed during
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