Calculate the effects of contracts upon financial statements

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Reference no: EM132692673

Hardfloor House fits out nightclubs. The projects generally take a number of months to complete. The company has three contracts in progress at the year ended 30 April:

J K L

Cost incurred to date 320 540 260

Costs to complete 40 90 120

Contract Revenue 416 684 300

Work certified to date 312 456 200

Amount Invoiced and Received 250 350 230

Hardfloor measures satisfaction of performance obligation based on work certified as a percentage of contract price.

Required:

Problem 1: Calculate the effects of the contracts upon the financial statements

Reference no: EM132692673

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