What is the amount of over/under billing for each of the projects described in Problem...
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Accounting
What is the amount of over/under billing for each of the projects described in Problem 1?
onstruction Accountin 1. Based on the project data present in the table, calculate for each of the projects 1) the revenue that would be recognized using the cash and 2) the straight accrual methods. In addition, calculate 3) the revenue using the percentage-of-completion method and 4) the gross profit to date, using the percentage-of-completion method. Project Financial Data Toy Store Ice Rink Project $5,000,000 $4,850,000 $1,700,000 $1,530,000 $1,550,000 S3,100,000 $1.400.000 Candy Store Contract amount Original estimated cost Billed to date Payments received to date Cost incurred to date Forecasted cost to complete Costs paid to date Project $5,000,000 $4,700,000 $1,700,000 $1,530,000 $1,450,000 $3.500,000 $1,400,000 Project $5,000,000 $4,800,000 $1,700,000 S1,530,000 $1,350,000 S3,400,000 $1,400,000 2. What is the amount of over/under billing for each of the projects described in Problem above
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