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Percentage-to-completion P5-5 (pg276) chapt 5

Percentage-to-completion P5-5 (pg276) chapt 5 - Less Gross...

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2009 2010 2011 Contract price Construction costs: Construction costing incurred during the year Construction costing incurred in prior years Cumulative construction costs Estimated costs to complete at end of year Total estimated and actual construction costs Multiplied by: Equals: Gross profit earned to date
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Unformatted text preview: Less: Gross profit recognised in prior periods Equals: Gross profit recognised currently Total gross profit (estimated for 2009 & 2010, actual in 2011): Contract price minus total costs Percentage-of-completion: Actual costs to date diveed by the estimated total project cost...
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