In 2021, Short Construction began construction work under a four-year contract. The contract price is $2,000,000. Short recognizes revenue over time according to percentage of completion method. The balance sheet shows the following accounts at the end of 2021: A/R of $40,000, Construction in Progress of $200,000, Less: Billings on Construction Contract of $170,000. The income statement shows Income on the contract of $30,000 at the end of 2021. What was the total estimated cost of the project at the end 2021?

Answer:

The appropriated answer will be "$1,700,000".

Explanation:

Revenue understood by completion percentage = Design balance throughout progress = $200,000

The percentage completion throughout the whole year will be:

⇒  [tex]\frac{200,000}{2,000,000 }[/tex]

⇒  [tex]10 \ percent[/tex]

The cost incurred throughout the whole year will be:

⇒  [tex]Revenue \ recognized - Income \ on \ the \ contract[/tex]

⇒  [tex]200,000 - 30,000[/tex]

⇒  [tex]170,000[/tex] ($)

Now,

The total estimated cost of the project at the end the year 2021 will be:

⇒  [tex]\frac{170,000}{10 \ percent}[/tex]

⇒  [tex]1,700,000[/tex] ($)

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