6. A construction company decides to take a new job. The estimated income and expenses of...

 

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6. A construction company decides to take a new job. The estimated income and expenses of this job are shown in the table below. The company is using Percentage of Completion (POC) accounting method. The bills received by this company at the different months are shown below. Please determine the following: [40 points] a. The anticipated gross profit and percentage (%) in the table below b. The percentage of the project completion at the end of the 1" AND 2d months c. The revenue AND the profit AND the profit percentage [%] at the end of the 1" month d. Detemine the gross profit percentage (%) using cash, normal accrual, and completed contract methods at the end of the 1" month, If the company billed an invoice to customer $50,000, received cash $30,000 from customer, and paid out (S10,000) to suppliers at the end of 1" month. Anticipated Fixed Price Contract (3-month job) S Amount Gross Profit % Anticipated income Anticipated costs Anticipated gross profit S150,000.00 (S100,000.00) ?? ?? Receive bills Receive bills Receive bills ($30,000.00) (S45,000.00) ($25,000.00) Project timeline 1 month 2nt month 3rd month 6. A construction company decides to take a new job. The estimated income and expenses of this job are shown in the table below. The company is using Percentage of Completion (POC) accounting method. The bills received by this company at the different months are shown below. Please determine the following: [40 points] a. The anticipated gross profit and percentage (%) in the table below b. The percentage of the project completion at the end of the 1" AND 2d months c. The revenue AND the profit AND the profit percentage [%] at the end of the 1" month d. Detemine the gross profit percentage (%) using cash, normal accrual, and completed contract methods at the end of the 1" month, If the company billed an invoice to customer $50,000, received cash $30,000 from customer, and paid out (S10,000) to suppliers at the end of 1" month. Anticipated Fixed Price Contract (3-month job) S Amount Gross Profit % Anticipated income Anticipated costs Anticipated gross profit S150,000.00 (S100,000.00) ?? ?? Receive bills Receive bills Receive bills ($30,000.00) (S45,000.00) ($25,000.00) Project timeline 1 month 2nt month 3rd month