Calculate the annual income of the company

Reference no: EM13259366

Using the following data for the Michael Ryan Construction Company, calculate the annual income of the company using (1) the percentage-of-completion method and (2) the completed-contract method.

Project " A"	Project " B"	Project " C"
Total Contract Amount			$820,000.00	$1,400,000.00	$1,000,000.00
Cash Expenditure to 12/31/X3			$730,000.00	$750,000.00	$600,000.00
Total Expenditure to 12/31/X4			$760,000.00	$800,000.00	$600,000.00
Estimated of Expenditure to Complete			$0.00	$775,000.00	$300,000.00
Total Estimated Expenditures			$760,000.00	$1,575,000.00	$900,000.00
Billings through 12/31/X3			$800,000.00	$900,000.00	$750,000.00
Cash Collection Through 12/31/X3			$780,000.00	$850,000.00	$700,000.00
	Total G&A Expenses		$150,000.00

Reference no: EM13259366

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