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CHAPTER FOUR A B Profits in Excess of Costs& Excess Actual To Job NameAmount Completion(C-D) Date Costs & Percent ate CurrentEstimated Estimated Costs Eamed Eamed Profit-Total | B Profit Profit t at F 100/ (EXFID) (F+G) Billed IGURE 4-3 Work on Hand Worksheet is entered on a separate line of the Column F by 100 and dividing the resultant by the tota orm and then the costs and profits in excess of billings and mated cost at completion in Col he billings in excess of costs and profit are totaled for the ntire company. The job number for a project is entered in Column A. This should be the same number used in the job cmany with the ost ledger. The job or project name is entered into Column B. The current contract amount is entered into Column C This amount should include all approved change orders. The current total estimated cost at completion for the project is entered in Column D and comes from the com- mitted cost worksheet shown in Figure 4-1. The estimated profit on the project equals the current contract amount less the total estimated cost at completion; therefore, Column E equals Column C less Column D. umn D. Example 4-2: Determine over- and underbillings following information: The actual costs to date for the project are entered in Column F. The actual costs should include all construction costs that are included in the income statement for the project. Unbilled committed costs should not be included in these costs. The earned profit equals the percentage complete times the estimated profit. Most often the percentage complete is calculated by dividing the actual costs to date by the estimated costs at completion for the project; therefore, Column G- earned profit-is calculated by multiplying Column E by Column F and dividing the resultant by Column D. Column Job Number: 301 Job Name: Henderson Remodel Current Contract Amount: $122,500 Total Estimate Cost at Completion: $101,256 Actual Costs to Date: $95,265 Total Billed: $110,687 Job Number: 302 Job Name: Weston Offices Current Contract Total Estimate Cost at Completion Actual Costs to Date: $11,542 Total Billed: $17,253 Job Number: 303 Job Name: Johnson Warehouse Current Contraot Amount: $25,265 $18,000

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