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Olimpik Constructions Limited recognises revenue by applying the percentage of completion method. A current project expected to take 6 years to complete commenced in 2020.
Olimpik Constructions Limited recognises revenue by applying the percentage of completion method. A current project expected to take 6 years to complete commenced in 2020. The contract price is $95 million and Olimpik Constructions Limited expects the total cost of the project will be $37 million. Calculate, to the nearest whole dollar, the revenue Olimpik Constructions Limited would recognise for the year ended 30 June 2022 if the costs incurred in the period were $9 million
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