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Problem - Skyscraper Construction Company has received a project that will take 5 years to finish. Total project costs is estimated to be $35,000,000 and the company is charging $50,000,000 for the project. The company estimates that it will use up 10% of the said costs on the first year, 20% on the second year, 40% on the third year, 25% on the fourth year and 5% on the fifth year.
1) Using percentage of completion method, how much should the company charge on the third year?
2) Using the percentage of completion method, how much is the profit that the company will earn on the fifth year?
3) Using the completed contract method, how much revenue should company recognize on the fifth year?
4) Using completed contract method, how much cost will the company recognizes as an expense on the second year?
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