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Gross profit for the long term construction contracting

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Reference no: EM131749140

Question: McNeil Construction Company is involved in a long-term construction contract to build an office building. The estimated cost is $30 million and the contract price is $38 million. Other information follows:
Office Building

                 Cash Collection            Actual Costs Incurred

2004             $ 6,000,000                    $ 4,500,000

2005             $ 8,000,000                    $ 6,000,000

2006             $ 12,500,000                   $ 12,000,000

2007             $ 11,500,000                   $ 7,500.000

The projected is completed in 2007 and all cash to be received from eh contract has been received.

How would a schedule look if you were determining the gross profit in each year for the long term construction contracting using the percentage of completion method?

Reference no: EM131749140

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