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Percentage complete, Cost Basis. I need help figuring out the percentages to date and percentages yearly. I initially did 44% but since it says round
Percentage complete, Cost Basis.
I need help figuring out the percentages to date and percentages yearly. I initially did 44% but since it says round to two decimal places I changed it to 44.44 and got different numbers. Please help!
($ millions) $ 25.00 Expected Revenue (contract amount in millions of dollars) $ millions) Project Started 20X1 20X2 18.00 $ 20.00 $ 8.00 $ 9.50 $ 9.00 $ 10.00 $ 8.50 $ 9.50 $ Estimated Total Cost (per Engineering) Actual Cost (each year only) Progress Billings (each year only) Cash Received (each year only) $ $ $ $ Project Finished 20X3 20.50 3.00 6.00 7.00 Prepare all journal entries required to account for the project? Round all percentages and dollars to two decimal places. Project Started 20x1 20x2 Project Finished 20x3 Total Revenue Per Contract $25 Mil Estimated Total Cost (Per engineering) Actual Total Cost (each year only) Percentage Complete-To-Date Total Revenue Recognized to date Project Cost Yearly Percent Completed Yearly Progress Billings (each year only) Cash Received Revenue Recognized year only 18,000,000 8,000,000 44 11,110,000 8,000,000 44 9,000,000 8,500,000 11,110,000 20,000,000 9,500,000 47 11,875,000 1,500,000 87 10,000,000 9,500,000 10,765,000 20,500,000 3,000,000 100 25,000,000 6,500,000 6,000,000 25,000,000 7,000,000 25,000,000 3,125,000 25,000,000Step by Step Solution
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