Question
Percentage Completion Method : Right Company is doing contract work for Good Company. Use the grid below to complete the required accounting information: 2017 2018
Percentage Completion Method: Right Company is doing contract work for Good Company. Use the grid below to complete the required accounting information:
| 2017 | 2018 | 2019 | ||
| Contract Price | $1,012,500 | $1,012,500 | $1,012,500 | |
| Estimated Total Cost of Project: | $900,000 | $900,000 | $900,000 | |
| Cost Incurred Current Year | $225,215 | $429,275 | $246,150 | |
| Estimated Cost to Complete | $675,000 | $246,000 | $0 | |
| Billings to Customer Current Yr. | $202,500 | $540,000 | $270,000 | |
| Cash Receipts from Customer Current Yr. | $168,750 | $393,750 | $450,000 | |
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2017 |
2018 |
2019 | ||
| Cost Incurred to Date |
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| Estimated Cost to Complete |
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| Estimated Total Contract Cost |
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| Estimated Percent Complete |
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| Contract Price |
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| Revenue Recognizable |
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| Revenue Recognized Prior Year |
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| Revenue Recognized Currently |
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| Costs Incurred Currently |
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| Gross Profit Recognized |
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A) The gross profit recognized for year 2017 is
B) The gross profit recognized for year 2018 is
C) The gross profit recognized for year 2019 is
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Financial Reporting International Standards
Authors: Graham Eaton
1st Edition
0750662379, 978-0750662376
