In the construction industry, Kyle Engineering Inc. has secured a contract to build a state-of-the-art bridge at a contracted price of $18,000,000. The company follows the percentage-of-completion method to recognize revenue over time. Here are the project updates: Cost Incurred 2023 $4,500,000 2024 $1,500,000 2025 $3,750,000 Estimated Additional Cost to Complete 2023 $9,000,000 2024 $6,750,000 2025 $0.

What is the company's percentage completion in 2023?

Answer rating: 100% (QA)

To calculate the percentage completion in 2023 we need to determine the p... View the full answer