A project begins in January 2014; it is to be completed in October 2016. The contract price is $3,900 and the estimated total cost of the project is $3,000. Additional data for the project is provided below: 2014 2015 2016
Costs Incurred To Date $300 $2,400 $4,200
Estimated cost to Complete 2,700 1,600
Estimated Total Cost $3,000 $4,000 $4,200

Percentage of completion [PC]= (Costs incurred to date)/(Estimated total cost)

Required:
Compute the gross profit/loss recognized for each year under the PC method.

The Gross profit/loss recognized for each year under the PC method:

                                2014        2015          2016

Gross profit(loss)     $90        $240         ($630)

Explanation:

a) Data and Calculations:

Project's contract price = $3,900

Estimated total cost of the project = $3,000

                                                2014    2015      2016

Costs Incurred To Date         $300  $2,400   $4,200

Estimated cost to Complete 2,700     1,600       0

Estimated Total Cost          $3,000  $4,000  $4,200

Percentage of completion [PC]= (Costs incurred to date)/(Estimated total cost)

                                                2014                2015                   2016

Percentage of completion: $300/$3,000   $2,400/$4,000  

Percentage of completion:    10%                  60%                  30% (100 - 70)

Revenue Allocation:                   2014           2015           2016        Total

2014   $390 (10% of $3,900)   $390                                                $390

2015 $2,340 (60% of $3,900)                    $2,340                       $2,340

2016 $1,170 (30% of $3,900)                                           $1,170      $1,170

Total Revenue                                                                                $3,900

Actual costs incurred             ($300)         ($2,100)      ($1,800)  ($4,200)

Gross profit                               $90              $240         ($630)     ($300)

its kinda hard to answer this when we dont have all the information that we need.

(i know i'm late but the answer's "things about yourself" because you want to list things you're capable of, why you want to open up the business, the amount of money you're putting into it,etc.) i'm guessing you take online school small business, the answers to the quizzes are all over quizlet. just look up your question and type quizlet after it and it'll pop up.