Vaughn Enterprises Ltd. has entered into a contract beginning in February 2020 to build two...
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Vaughn Enterprises Ltd. has entered into a contract beginning in February 2020 to build two warehouses for Atlantis Structures Ltd. The contract is a non-cancellable fixed price contract for $10 million. The following data pertain to the construction period (all figures in thousands).
2020
2021
2022
Costs for the year
$3,825
4,675
1,200
Estimated costs to complete
4,675
1,270
-0-
Progress billings for the year (non-refundable)
3,500
4,100
2,400
Cash collected for the year
3,100
4,150
2,750
Using the percentage-of-completion method, calculate the percent complete for each year of the contract.
2020:
2021:
2022:
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