Quick Construction Company builds bridges and uses the percentage of completion method.

Data on its latest bridge project shows the following.

Total amount of contract awarded for butting the bridge =$27,000

Estimated costs to bulid the bridge are $10,000.

The following cost pattern was incurred in the 3 months to build the bridge (20% in month 1, 30% in month 2 and 50% in month 3 ) Payment is due 40 days after receiving the certification that a certain percentage has been completed by month end Required

1: Assuming no other transaction happened, what is the balance of Accounts Receivables at the end of the first month? $

Required 2 Assuming no other transaction happened, what is the balance of accounts receivables at the end of the second month?

3. Assuming no other transaction happened, what is the balance of Accounts Receivables at the end of the third month?