Using the following information for a project, prepare a work in progress schedule to answer the questions that follow • Contract Amount: $858,750 • Original Estimated Cost: $815,000 • Billed to Date: $295,000 • Payments Received to Date: $265,500 • Cost incurred to Date: $250,000 • Estimated Cost to Complete: $575,000 • Cost Paid to Date: $180,000 Provide Answers to the following questions. Round all dollar answers to the nearest whole dollar (i.e. $215,850) and round all percentages to the nearest hundredth (i.e. 15.24%) • Current Re-estimated Total Cost: • Estimated Gross Profit at Completion: • Percentage of Completion: • Total Gross Profit (Loss) to Date: • Amount Earned to Date: • Over Billings: • Under Billings: Remaining Billings: • Job Borrow:
Using the following information for a project, prepare a work in progress schedule to answer the questions that follow • Contract Amount: $858,750 • Original Estimated Cost: $815,000 • Billed to Date: $295,000 • Payments Received to Date: $265,500 • Cost incurred to Date: $250,000 • Estimated Cost to Complete: $575,000 • Cost Paid to Date: $180,000 Provide Answers to the following questions. Round all dollar answers to the nearest whole dollar (i.e. $215,850) and round all percentages to the nearest hundredth (i.e. 15.24%) • Current Re-estimated Total Cost: • Estimated Gross Profit at Completion: • Percentage of Completion: • Total Gross Profit (Loss) to Date: • Amount Earned to Date: • Over Billings: • Under Billings: Remaining Billings: • Job Borrow:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Using the following information for a project, prepare a work in progress schedule to answer the
questions that follow
• Contract Amount: $858,750
• Original Estimated Cost: $815,000
• Billed to Date: $295,000
• Payments Received to Date: $265,500
• Cost incurred to Date: $250,000
• Estimated Cost to Complete: $575,000
• Cost Paid to Date: $180,000
Provide Answers to the following questions. Round all dollar answers to the nearest whole dollar
(i.e. $215,850) and round all percentages to the nearest hundredth (i.e. 15.24%)
• Current Re-estimated Total Cost:
• Estimated Gross Profit at Completion:
Percentage of Completion:
• Total Gross Profit (Loss) to Date:
• Amount Earned to Date:
• Over Billings:
• Under Billings:
Remaining Billings:
• Job Borrow:
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Step 1: Explaining Contract Amount, Original estimated cost, billed to date, payment received to date, etc.,
VIEWStep 2: Calculation of current Re-estimated Total Cost, Estimated Gross profit at completion,% of completion
VIEWStep 3: Calculation of Total Gross Profit(Loss) to date, Amount earned to date:
VIEWStep 4: Calculation of Under billings, Over billings, Remaining billings, Job borrow:
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