For the following, I need to know... Percentage complete, recognized revenue, co

Question

For the following, I need to know... Percentage complete, recognized revenue, cost, and gross profit (loss) for EACH Project. I also need separate journal entries for Project A and Project B... Using the percentage of completion method & actual cost approach... thanking you in advance! I am pretty sure I have the percentage correct - if I am doing it right?!?!


Project A:
Total Contract Price - $200,000
Billings Through 12/31/12 - $100,000
Cash Collections Through 12/31/12 - $80,000
Contract Costs Incurred Through 12/31/12 - $120,000
Estimated Additional Costs to Complete - $90,000

Percentage complete - 57.14% (???)
Recognized Revenue - $
Cost - $
Gross Profit/Loss - $

Project B:
Total Contract Price - $250,000
Billings Through 12/31/12 - $50,000
Cash Collections Through 12/31/12 - $450,000
Contract Costs Incurred Through 12/31/12 - $40,000
Estimated Additional Costs to Complete - $180,000

Percentage complete - 18.18% (???)
Recognized Revenue - $
Cost - $
Gross Profit/Loss - $

Project C:
Total Contract Price - $180,000
Billings Through 12/31/12 - $180,000
Cash Collections Through 12/31/12 - $150,000
Contract Costs Incurred Through 12/31/12 - $120,000
Estimated Additional Costs to Complete - $0

Percentage complete - 100% (???)
Recognized Revenue - $
Cost - $
Gross Profit/Loss - $

Project D:
Total Contract Price - $100,000
Billings Through 12/31/12 - $10,000
Cash Collections Through 12/31/12 - $5,000
Contract Costs Incurred Through 12/31/12 - $80,000
Estimated Additional Costs to Complete - $20,000

Percentage complete - 80% (???)
Recognized Revenue - $
Cost - $
Gross Profit/Loss - $

Project E:
Total Contract Price - $140,000
Billings Through 12/31/12 - 120,000
Cash Collections Through 12/31/12 - $110,000
Contract Costs Incurred Through 12/31/12 - $100,000
Estimated Additional Costs to Complete - $10,000

Percentage complete - 18.18% (???)
Recognized Revenue - $
Cost - $
Gross Profit/Loss - $

Journal Entries for Project A: ???

Journal Entries for Project B: ???

Explanation / Answer

Project Total Contract Price Billings Through 12/31/12 Cash Collections Through 12/31/12 Contract Costs Incurred Through 12/31/12 Estimated Additional Costs to Complete A $200,000 $100,000 $80,000 $120,000 $90,000 B 250,000 50,000 45,000 40,000 180,000 Prepare a schedule of gross profit (loss) to be reported.

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