Patrick Constructors entered into a $2,400,000 million contract to build a restaurant. Total estimated costs to complete the project are $1,800,000 million. The construction company incurred the following costs during the project: $720,000 in 2014; $270,000 in 2015; and $810,000 in 2016. Compute revenues, expenses, and income for each year 2014 through 2016 using the percentage-of-completion method.

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The Answer of Patrick Constructors entered into a $2,400,000 million contract to build a restaurant. Total estimated costs to complete the project are $1,800,000 million. The construction company incurred the following costs during the project: $720,000 in 2014; $270,000 in 2015; and $810,000 in 2016. Compute revenues, expenses, and income for each year 2014 through 2016 using the percentage-of-completion method.

Patrick Constructors Entered into a $2,400,000 Million Contract to Build