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Quick Construction Company bullids bridges and uses the percentage of completion method. Data on its...

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Accounting

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Quick Construction Company bullids bridges and uses the percentage of completion method. Data on its latest bridge project shows the following: Total amoumt of contract awarded for building the bridge =$30,200 Estimated costs to build the bridge are $10,000 The following cost pattern was incurred in the 3 months to build the bridge (20\% in month 1, 30\% in month 2 and 50% in month 3 ). Payment is due 40 days after receiving the certification that a certain percentage has been completed by month end. Reauired 1: Assuming no other transaction happened, what is the balance of Accounts Receivables at the end of the first month? \$ Required 2: Assuming no other transaction happened, whot is the balance of Accounts Receivables at the end of the second month? \$ Required 3. Assuming no other transaction happened, what is the balance of Accounts Receivables at the end of the third month? $

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