Cost incurred to date $280,000 $600,000 $785,000
Estimated cost to completion future years 520,000 200,000 0
Billings to customer to date 150,000 500,000 1,200,000
Cash receipts from customer to date 120,000 320,000 940,000
Instructions:
1. Compute percentage complete and the estimated total gross profit by year.
2. Compute Revenue and Gross Profit, by year.