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In 2021, Chicago Construction began work on a three-year construction project to build a new performing arts complex (the PAC). The PAC contract price is
In 2021, Chicago Construction began work on a three-year construction project to build a new performing arts complex (the PAC). The PAC contract price is $150 million. Chicago recognizes revenue on this contract over time according to percentage of completion. At the end of 2021, the following financial statement information indicates the results to date for the PAC (missing items denoted by letter): INCOME STATEMENT: Revenue Cost of construction Gross profit $ w million 35 million $ x million BALANCE SHEET: Accounts receivable from construction billings Construction in progress Less: Billings on construction Net billings in excess of construction in progress $14 million $50 million $(y million) $ z million CASH FLOW STATEMENT Cash collections $46 million Required: Compute the following, placing your answer in the spaces provided and showing supporting computations below (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round your "percentage" answer to 2 decimal places.): million Total revenue recognized during 2021 (w): Gross profit recognized during 2021 (x): Billings on construction (y): Net billings excess of construction in progress (z): Calculate the percentage of PAC that was completed during 2021: million million million %
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