In 2016, Chicago Construction began work on a three-year construction project to build a new performing arts complex (the PAC). The PAC contract price is $150 million. Chicago recognizes revenue on this contract over time according to percentage of completion. At the end of 2016, the following financial statement information indicated the results to date for the PAC (missing items denoted by letter):

INCOME STATEMENT:

Revenue $w million

Cost of Construction 35 million

Gross Profit $x million

Balance Sheet:

Accounts recievable from construction billings $14 million

Construction in progress $50 million

Less: Billings on construction ($y million)

Net billings in excess of construction in progress $z million

CASH FLOW STATEMENT:

Cash collections $46 million

REQUIRED:

Compute the following, placing you answer in the spaces provided and showing supporting computations below:

Item to compute Answer

Total revenue recognized during 2016 (w):

Gross profit recognized during 2016 (x):

Billings on construction (y):

Net billings in excess of construction in progress (z):

Calculate the percentage of PAC that was completed during 2016: