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2016

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During 2014, Nilsen Company started a construction job with a contract price of $1,706,000. The job was completed in 2016. The following information is available.

2014

2015

2016

Costs incurred to date $381,810 $849,420 $1,069,000 Estimated costs to complete 597,190 239,580 –0– Billings to date 309,300 876,200 1,706,000 Collections to date 232,900 816,100 1,401,000

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Explanation / Answer

2014 2015 2016 Contract price $1,706,000 $1,706,000 $1,706,000 Costs: Costs to date $381,810 $849,420 $1,069,000 Estimated costs to complete 597,190 979,000 239,580 1,089,000 0 1,069,000 Total estimated profit 727,000 617,000 637,000 Percentage completed to date 39%* 78%* 100% Total gross profit recognized 283,530 481,260 637,000 Less: Gross profit recognized in previous years 0 283,530 481,260 Gross profit recognized in current year $283,530 $197,730 $155,740 * 381810 $/979000$=39% **849420$/1089000$ = 78%

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