Spreadsheet: 125359d1318978811-percentage-of-completion-self-calculating-worksheet-ofcompletionmethod
Sheet: Sheet1

Original data | 2003 | 2004 | 2005 | 2006 | 2007 | Rusting Construction Company                                                                                                                                                                                                                                                                                                                                                                  Journal entries to recognize revenue, and gross profit for long-term project (percentage-of-completion method) Year 2003-2007
Actual cost incurred | 6000000 | 9080000 | 7420000 | 5000000 | 0
Est.cost to complete | 19000000 | 13920000 | 10277778 | 0 | 0
Collections on contract | 6000000 | 6750000 | 7500000 | 7500000 | 2250000 |  | 2003 |  | 2004 |  | 2005 |  | 2006 |  | 2007
Billings on contract | 6500000 | 7750000 | 8500000 | 7250000 |  | Construction in Progress
Contract price | 30000000 |  |  |  |  | Materials, Cash payables, etc.
Revenue, cost, and gross profit Work sheet (percentage-of-completion method)  for yrs. 2003-2007 |  |  |  |  |  | Accounts Recievable |  |  |  |  |  |  |  |  |  |  |  |  | G-Profit
 | 2003 | 2004 | 2005 | 2006 | 2007 | Billings to Const. in Progress |  |  |  |  |  |  |  |  |  |  |  |  | Const. costs
Costs incurred to date |  |  |  |  |  | Cash |  |  |  |  |  |  |  |  |  |  |  |  | Contract price
Most recent Est. of total costs |  |  |  |  |  | Billings to Const. in Progress
Est. total Costs |  |  |  |  |  | Construction Expense
Est. total [NAME] |  |  |  |  |  | Construction in Progress |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | This makes sense--the gross profit is always the difference between Rev and costs.
Percentage Complete |  |  |  |  |  | Rev. from Long-Term Contract |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Rev Total
Rev. to be recognized to date |  |  |  |  |  | Billings to Const. in Progress |  |  |  |  |  |  |  |  |  |  |  |  | Contract price
Rev. recognized in prior periods | 0 |  |  |  |  | Construction in Progress |  |  |  |  |  |  |  |  |  |  |  |  | Gross profit should be the difference between Total costs & contract price : |  |  |  |  |  | Total G-Profit (=b17+b18+b99)
Current period revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Difference
Current period costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **Difference between contract price and total costs |  |  |  | 2005
Gross Profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Current period revenue (2013 & 2014)
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | gain or [NAME]  to date
Part A | 2003 | 2004 | 2005 | 2006 | 2007 | Rusting Construction Company                                                                                                                                                                                                                                                                                                                                                                  Journal entries to recognize revenue, and gross profit for long-term project (percentage-of-completion method) Year 2003-2007 |  |  |  |  |  |  |  |  |  |  |  |  | Less :Gain/loss form last year
Actual cost incurred | 8000000 | 9080000 | 7420000 | 5000000 | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  | Gross profit/loss from last year of profits years
Est.cost to complete | 19000000 | 13920000 | 10277778 | 0 | 0 |  |  |  |  |  |  |  |  |  |  |  |  |  | Numbers for line 36
Collections on contract | 6000000 | 6750000 | 7500000 | 7500000 | 2250000 |  | 2003 |  | 2004 |  | 2005 |  | 2006 |  | 2007
Billings on contract | 6500000 | 7750000 | 8500000 | 7250000 |  | Construction in Progress
Contract price | 30000000 |  |  |  |  | Materials, Cash payables, etc.
Rev., cost, and gross profit Work sheet (percentage-of-completion method) for yrs. 2003-2007 |  |  |  |  |  | Accounts Recievable |  |  |  |  |  |  |  |  |  |  |  |  | G-Profit
 | 2003 | 2004 | 2005 | 2006 | 2007 | Billings to Const. in Progress |  |  |  |  |  |  |  |  |  |  |  |  | Const. costs
Costs incurred to date |  |  |  |  |  | Cash |  |  |  |  |  |  |  |  |  |  |  |  | Contract price
Most recent Est. of total costs |  |  |  |  |  | Billings to Const. in Progress
Est. total Costs |  |  |  |  |  | Construction Expense
Est. total [NAME] |  |  |  |  |  | Construction in Progress |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | This makes sense--the gross profit is always the difference between Rev and costs.
Percentage Complete |  |  |  |  |  | Rev. from Long-Term Contract |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Rev Total
Rev. to be recognized to date |  |  |  |  |  | Billings to Const. in Progress |  |  |  |  |  |  |  |  |  |  |  |  | Contract price
Rev. recognized in prior periods | 0 |  |  |  |  | Construction in Progress |  |  |  |  |  |  |  |  |  |  |  |  | Gross profit should be the difference between Total costs & contract price : |  |  |  |  |  | Total G-Profit (=b37+b38+b39)
Current period revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Difference
Current period costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **Difference between contract price and total costs |  |  | 2004 | 2005
Gross Profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Current period revenue (2013 & 2014)
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | gain or [NAME]  to date
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Less :Gain/loss form last year
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gross profit/loss from last year of profits years |  |  | 0
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Numbers for line 36
Part B | 2003 | 2004 | 2005 | 2006 | 2007 | Rusting Construction Company                                                                                                                                                                                                                                                                                                                                                                  Journal entries to recognize revenue, and gross profit for long-term project (percentage-of-completion method) Year 2003-2007
Actual cost incurred | 6000000 | 9080000 | 7420000 | 5000000 | 0
Est.cost to complete | 19000000 | 12930000 | 10277778 | 0 | 0
Collections on contract | 6000000 | 6750000 | 7500000 | 7500000 | 2250000 |  | 2003 |  | 2004 |  | 2005 |  | 2006 |  | 2007
Billings on contract | 6500000 | 7750000 | 8500000 | 7250000 |  | Construction in Progress
Contract price | 30000000 |  |  |  |  | Materials, Cash payables, etc.
Revenue, cost, and gross profit Work sheet (percentage-of-completion method)  for yrs. 2003-2007 |  |  |  |  |  | Accounts Recievable |  |  |  |  |  |  |  |  |  |  |  |  | G-Profit
 | 2003 | 2004 | 2005 | 2006 | 2007 | Billings to Const. in Progress |  |  |  |  |  |  |  |  |  |  |  |  | Const. costs
Costs incurred to date |  |  |  |  |  | Cash |  |  |  |  |  |  |  |  |  |  |  |  | Contract price
Most recent Est. of total costs |  |  |  |  |  | Billings to Const. in Progress
Est. total Costs |  |  |  |  |  | Construction Expense
Est. total [NAME] |  |  |  |  |  | Construction in Progress |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | This makes sense--the gross profit is always the difference between Rev and costs.
Percentage Complete |  |  |  |  |  | Rev. from Long-Term Contract |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Rev Total
Rev. to be recognized to date |  |  |  |  |  | Billings to Const. in Progress |  |  |  |  |  |  |  |  |  |  |  |  | Contract price
Rev. recognized in prior periods | 0 |  |  |  |  | Construction in Progress |  |  |  |  |  |  |  |  |  |  |  |  | Gross profit should be the difference between Total costs & contract price : |  |  |  |  |  | Total G-Profit (=b62+b62+b62)
Current period revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Difference
Current period costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **Difference between contract price and total costs |  |  |  | 2005
Gross Profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Current period revenue (2013 & 2014)
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | gain or [NAME]  to date
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Less :Gain/loss form last year
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Gross profit/loss from last year of profits years
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Numbers for line 36