a.

2015 2016
Contract Price 450,000 450,000
Less: Total Estimated Cost
Cost incurred to date 200,000 320,000
Est CTC 100,000 -
TEC 300,000 320,000
Gross Profit 150,000 130,000
Percentage of Completion 66.67% 100%
Estimated Gross Profit to date 100,000 130,000
Less: GP earned in prior year - 100,000
Gross Profit earned this year 100,000 30,000

b. Contract Price 450,000

Less: Total costs incurred 320,000
Gross Profit 130,000

c.
2015 Construction in Progress 100,000
Cost of Construction 200,000
Construction Revenue
#
2016 Construction in Progress 30,000
Cost of Construction 320,000
Construction Revenue
#

a.
Contract Revenue 1,250,000
Less: Cost incurred 1,250,000
Gross Profit - 2016 -

Construction in Progress 1,250,000

Less: Contract billings 1,740,000
Billings in excess of related costs - 490,000 liability

b.
 Contract Price 5,800,000
Less: Total Estimated Cost
Cost incurred to date 1,250,000
Est CTC 3,750,000
TEC 5,000,000
Estimated gross profit 800,000
x Percentage of completion 25%
Gross Profit 200,000

Construction in Progress 1,450,000

Less: Contract billings 1,740,000
Billings in excess of related costs - 290,000

a.
2013 2014
Contract Price 55,000,000 55,000,000
Less: Total Estimated Cost
Cost incurred to date 15,000,000 25,000,000
Est CTC 35,000,000 25,000,000
TEC 50,000,000 50,000,000
Gross Profit 5,000,000 5,000,000
Percentage of Completion 30% 50%
Estimated Gross Profit to date 1,500,000 2,500,000
Less: GP earned in prior year 1,500,000
Gross Profit earned this year 1,500,000 1,000,000

b.
2015 Construction in Progress 10,000,000
Cash / Accounts Payable
To record cost incurred for the year.
#
Accounts Receivable 15,000,000
Progress Billings
#
Cash 12,000,000
Accounts Receivable
#
Construction in Progress 1,000,000
Cost of construction 10,000,000
Construction Revenue
#
2016 Construction in Progress 15,000,000
Cash / Accounts Payable
To record cost incurred for the year.
 #
Accounts Receivable 20,000,000
Progress Billings
#
Cash 25,000,000
Accounts Receivable
#
Construction in Progress 1,500,000
Cost of construction 15,000,000
Construction Revenue
#

2014 2015
Contract Price 15,000,000 15,000,000
Less: Total Estimated Cost
Cost incurred to date 1,000,000 5,500,000
Est CTC 8,000,000 5,500,000
TEC 9,000,000 11,000,000
Gross Profit 6,000,000 4,000,000
Percentage of Completion 11.11% 50.00%
Estimated Gross Profit to date 666,600 2,000,000
Less: GP earned in prior year - 666,600
Gross Profit earned this year 666,600 1,333,400

2014 Construction in Progress 1,000,000

Cash 1,000,000
#
Accounts Receivable 1,325,000
Contract Billings 1,325,000
#
Cash 1,200,000
Accounts Receivable 1,200,000
#
Construction in Progress 666,600
Cost of construction 1,000,000
Construction Revenue 1,666,600
#

2013 2014
Contract Price 14,000,000 14,000,000
 Less: Total Estimated Cost
Cost incurred to date 6,500,000 9,800,000
Est CTC 6,800,000 3,900,000
TEC 13,300,000 13,700,000
Gross Profit / Loss 700,000 300,000
Percentage of Completion 48.87% 71.53%
Estimated Gross Profit to date 342,090 214,590
Less: GP earned in prior year - 342,090
Gross Profit earned this year 342,090 - 127,500

2013 Construction in Progress 342,090

Cost of construction 6,500,000
Construction Revenue 6,842,090
#
2014 Cost of construction 3,300,000
Construction Revenue 3,172,500
Construction in Progress 127,500
#
2015 Cost of construction 2,400,000
Construction Revenue 2,085,410
Construction in Progress 314,590
#
2016 Construction in Progress 200,000
Cost of construction 1,700,000
Construction Revenue 1,900,000
#
130,000

300,000

350,000
 2015 2016
55,000,000 55,000,000

35,000,000 50,000,000
15,000,000 -
50,000,000 50,000,000
5,000,000 5,000,000
70% 100%
3,500,000 5,000,000
2,500,000 3,500,000
1,000,000 1,500,000

10,000,000
ed for the year.

15,000,000

12,000,000

11,000,000

15,000,000
ed for the year.
20,000,000

25,000,000

16,500,000

2016
15,000,000

10,000,000
2,000,000
12,000,000
3,000,000
83.33%
2,500,000
2,000,000
500,000

2015 2016
14,000,000 14,000,000
 12,200,000 13,900,000
1,900,000 -
14,100,000 13,900,000
- 100,000 100,000
100.00% 100.00%
- 100,000 100,000
214,590 - 100,000
- 314,590 200,000