The document contains financial data for costs incurred, previous costs, total costs to date, estimated costs to complete, total contract costs, and percentages of completion for multiple projects over the years 2020, 2021, and 2022. It provides cost breakdowns and calculations of revenues, costs, and profits/losses to date and for prior and current periods based on the estimated and actual percentages of completion.
The document contains financial data for costs incurred, previous costs, total costs to date, estimated costs to complete, total contract costs, and percentages of completion for multiple projects over the years 2020, 2021, and 2022. It provides cost breakdowns and calculations of revenues, costs, and profits/losses to date and for prior and current periods based on the estimated and actual percentages of completion.
The document contains financial data for costs incurred, previous costs, total costs to date, estimated costs to complete, total contract costs, and percentages of completion for multiple projects over the years 2020, 2021, and 2022. It provides cost breakdowns and calculations of revenues, costs, and profits/losses to date and for prior and current periods based on the estimated and actual percentages of completion.
The document contains financial data for costs incurred, previous costs, total costs to date, estimated costs to complete, total contract costs, and percentages of completion for multiple projects over the years 2020, 2021, and 2022. It provides cost breakdowns and calculations of revenues, costs, and profits/losses to date and for prior and current periods based on the estimated and actual percentages of completion.
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2020 2021 2022
Costs incurred for the year 10,300,000 23,300,000 8,900,000 2020 Revenue Previous Costs 10,300,000 33,600,000 Cost Total Cost to Date 10,300,000 33,600,000 42,500,000 Profit Estimated Cost to Complete 30,900,000 8,400,000 0 Total Contract Costs 41,200,000 42,000,000 42,500,000 2021 Revenue Percentage 25% 80% 100% Cost Profit
2022 Revenue Cost Profit To Date Prior Period Current Period (45,000,000 x .25) 11,250,000 11,250,000 (41,200,000 x .25) 10,300,000 10,300,000 (3,800,000 x .25) 950,000 950,000
(45,000,000 x .80) 36,000,000 11,250,000 24,750,000
(42,000,000 x .80) 33,600,000 10,300,000 23,300,000 (3,000,000 x .80) 2,400,000 950,000 1,450,000
(45,000,000 x 1) 45,000,000 36,000,000 9,000,000
(42,500,000 x 1) 42,500,000 33,600,000 8,900,000 (2,500,000 x 1) 2,500,000 2,400,000 100,000 2020 2021 2022 Costs incurred for the year 2,000,000 2,200,000 1,650,000 2020 Revenue Previous Costs 2,000,000 4,200,000 Cost Total Cost to Date 2,000,000 4,200,000 5,850,000 Profit Estimated Cost to Complete 3,000,000 1,050,000 0 Total Contract Costs 5,000,000 5,250,000 5,850,000 2021 Revenue Percentage 40.00% 80.00% 100.00% Cost Profit
2022 Revenue Cost Loss
2020 2021 2022
Costs incurred for the year 2,000,000 2,200,000 1,650,000 Previous Costs 2,000,000 4,200,000 Total Cost to Date 2,000,000 4,200,000 5,850,000 Estimated Cost to Complete 5,000,000 5,250,000 5,000,000 Total Contract Costs 7,000,000 9,450,000 10,850,000 Percentage 28.57% 44.44% 53.92% To Date Prior Period Current Period (6,000,000 x .40) 2,400,000.00 2,400,000.00 (5,000,000 x .40) 2,000,000.00 2,000,000.00 (1,000,000 x .40) 400,000.00 400,000.00
(6,000,000 x .80) 4,800,000.00 2,400,000.00 2,400,000.00
(5,250,000 x .80) 4,200,000.00 2,000,000.00 2,200,000.00 (750,000 x .80) 600,000.00 400,000.00 200,000.00
(6,000,000 x 1) 6,000,000 4,800,000.00 1,200,000.00
(5,850,000 x 1) 5,850,000 4,200,000.00 1,650,000.00 (150,000 x 1) 150,000 600,000.00 - 450,000.00 2020 2021 2022 Costs incurred for the year 3,000,000 5,000,000 6,250,000 2020 Previous Costs 3,000,000 8,000,000 Total Cost to Date 3,000,000 8,000,000 14,250,000 Estimated Cost to Complete 9,000,000 4,500,000 0 Total Contract Costs 12,000,000 12,500,000 14,250,000 2021 Percentage 25.00% 64.00% 100.00%
2020 2021 2022 2022
Costs incurred for the year 400,000 500,000 300,000 Previous Costs 400,000 900,000 Total Cost to Date 400,000 900,000 1,200,000 Estimated Cost to Complete 600,000 600,000 0 Total Contract Costs 1,000,000 1,500,000 1,200,000 2020 Percentage 40.00% 60.00% 100.00% Revenue Cost Profit To Date Prior Period Current Period Revenue (20,000,000 x .25) 5,000,000.00 5,000,000.00 Cost (15,000,000 x .25) 3,750,000.00 3,750,000.00 Loss (5,000,000 x .25) 1,250,000.00 1,250,000.00
Revenue (20,000,000 x .64) 12,800,000.00 5,000,000.00 7,800,000.00
Cost (15,000,000 x 1.12 = 16,800,000 x .64 10,752,000.00 3,750,000.00 7,002,000.00 Loss (5,000,000 x .64) 2,048,000.00 1,250,000.00 798,000.00
Revenue (20,000,000 x 1) 20,000,000 12,800,000.00 7,200,000.00
Cost (16,500,000 x 1) 16,500,000 10,752,000.00 5,748,000.00 Loss (3,500,000 x 1) 3,500,000 2,048,000.00 1,452,000.00
5,000,000.00 3,750,000.00 1,250,000.00 2020 2021 2022 Contract Price 6,000,000 6,000,000 6,000,000 2020 Revenue Costs incurred for the year 2,000,000 3,372,000 928,000 Cost Previous Costs 2,000,000 5,372,000 Profit Total Cost to Date 2,000,000 5,372,000 6,300,000 Estimated Cost to Complete 3,000,000 948,000 2021 Revenue Total Contract Costs 5,000,000 6,320,000 6,300,000 Cost Percentage 40% 85% 100% Loss 2M/5M 5.37M/6.32M 6.3/6.3M Total Gross Profit-to-date 1,000,000 - 320,000 - 300,000 2022 Revenue Realized Gross Profit (Loss) 400,000 - 720,000 20,000 Cost Loss
2020 2021 2022
Contract Price 6,000,000 6,000,000 6,000,000 2020 Revenue Costs incurred for the year 2,000,000 3,372,000 948,000 Cost Previous Costs 2,000,000 5,372,000 Profit Total Cost to Date 2,000,000 5,372,000 6,320,000 Estimated Cost to Complete 3,000,000 948,000 2021 Revenue Total Contract Costs 5,000,000 6,320,000 6,320,000 Cost Percentage 40% 85% 100% Loss 2M/5M 5.37M/6.32M 6.32M/6.32M Total Gross Profit-to-date 1,000,000 - 320,000 - 320,000 2022 Revenue Realized Gross Profit (Loss) 400,000 - 720,000 - Cost Loss To Date Prior Period Current Period (6,000,000 x .40) 2,400,000.00 2,400,000.00 (5,000,000 x .40) 2,000,000.00 2,000,000.00 (1,000,000 x .40) 400,000.00 400,000.00
(6,000,000 x .85) 5,100,000.00 2,400,000.00 2,700,000.00
Cost 3,690,000 2,240,000 1,450,000 Loss 310,000 360,000 - 50,000 2020 2021 2022 Costs incurred for the year 620,000 1,620,000 1,450,000 Previous Costs 620,000 2,240,000 Total Cost to Date 620,000 2,240,000 3,690,000 Estimated Cost to Complete 2,922,857.14 1,206,153.85 - Total Contract Costs 3,542,857.14 3,446,153.85 3,690,000 Percentage 17.50% 65.00% 100.00% 620,000/3,542,857.14 2,240,000/3,446,153.85 3.69M/3.69M Entries: 2020 2021 2022 Particulars Debit Credit Debit Credit Debit Credit Construction In Progress 2,000,000 3,372,000 928,000 Material, Labor Overhead 2,000,000 3,372,000 928,000
Accounts Receivable 2,000,000 3,500,000 500,000
Progress Billings 2,000,000 3,500,000 500,000
Cash 1,800,000 3,000,000 900,000
Accounts Receivable 1,800,000 3,000,000 900,000
December 31: Construction Costs 2,000,000 3,420,000 880,000 Construction In Progress 400,000 720,000 20,000 Revenue from construction 2,400,000 2,700,000 900,000 contracts
Progress Billing 6,000,000
Contract Cost in Progress 6,000,000 Statement of Financial Position
2020 Accounts Receivable 200,000 Construction In Progress 2,400,000 Less: Progress Billings -2,000,000 Excess Costs Over Billings (Billings 400,000 over Cost)
Contruction In 2020 Cost Gross Profit
5,372,000 2021 Beg. Bal
-2,000,000 Costs Costs Incurred for the Year 6,300,000 2022 Beg. Bal -5,372,000 Costs
Progress Billings
Cash Receipts
5,420,000 Cost Incurred for the Current Period -2,000,000 Profit/Loss 6,300,000 Revenue for the Current Period -5,420,000
