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Compute the estimated gross profit

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Question - Shanahan Construction Company has entered into a contract beginning January 1, 2010, to build a parking complex. It has been estimated that the complex will cost $600,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $900,000. The following data pertain to the construction period.

2010 2011 2012

Costs to date $270,000 $450,000 $610,000

Estimated costs to complete 330,000 150,000 -0-

Progress billings to date 270,000 550,000 900,000

Cash collected to date 240,000 500,000 900,000

Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period.

Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is zero please enter 0, do not leave any fields blank.)

Reference no: EM131793809

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