Question: Cullumber Enterprises Ltd. has entered into a contract beginning in February 2020 to build two warehouses for Atlantis Structures Ltd. The contract is a

to build two warehouses for Atlantis Structures Ltd. The contract is a

non-cancellable fixed price contract for $9.8 million. The following data pertain to

the construction period. 2020 2021 2022 Costs for the year Estimated costs

to complete Progress billings for the year (non-refundable) Cash collected for the

year $4,185,000 200,000 5,115,000 388.000 -0- 3.860,000 4,540,000 1,400,000 3.300.000 4,590,000 1,910,000

5.115.000 Using the percentage-of-completion method, calculate the percent complete for each year

of the contract. Percent complete 2020 45% % 2021 I 96 2022

Cullumber Enterprises Ltd. has entered into a contract beginning in February 2020 to build two warehouses for Atlantis Structures Ltd. The contract is a non-cancellable fixed price contract for $9.8 million. The following data pertain to the construction period. 2020 2021 2022 Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year $4,185,000 200,000 5,115,000 388.000 -0- 3.860,000 4,540,000 1,400,000 3.300.000 4,590,000 1,910,000 5.115.000 Using the percentage-of-completion method, calculate the percent complete for each year of the contract. Percent complete 2020 45% % 2021 I 96 2022 100%

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