Softfloor House Limited build caf bars. The projects generally take a number of months to complete....

 

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Softfloor House Limited build café bars. The projects generally take a number of months to complete. The company has three contracts in progress at the year ended 30 April A B C $'000 90 110 Cost incurred to date Costs to complete Contract Revenue Amount Invoiced $'000 200 200 600 40 300 70 $'000 600 200 750 630 Softfloor calculates satisfaction of performance obligations based on the percentage of completion by using the costs incurred compared to the total costs. Required: Calculate the effects of the above contracts upon the financial statements. Softfloor House Limited build café bars. The projects generally take a number of months to complete. The company has three contracts in progress at the year ended 30 April A B C $'000 90 110 Cost incurred to date Costs to complete Contract Revenue Amount Invoiced $'000 200 200 600 40 300 70 $'000 600 200 750 630 Softfloor calculates satisfaction of performance obligations based on the percentage of completion by using the costs incurred compared to the total costs. Required: Calculate the effects of the above contracts upon the financial statements.

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CONTRACT A total contract cost200000600000800000 percentage of completioncost incurred to datetotal ... View the full answer