In 2018, Chicago Construction began work on a three-year construction project to build a new performing arts complex (the PAC). The PAC contract price is $150 million. Chicago recognizes revenue on this contract over time according to percentage of completion. At the end of 2018, the following financial statement information indicates the results to date for the PAC (missing items denoted by letter):

Required:
Compute the following, placing your answer in the spaces provided and showing supporting computations below:

Question

In 2018, Chicago Construction began work on a three-year construction project to build a new performing arts complex (the PAC). The PAC contract price is $150 million. Chicago recognizes revenue on this contract over time according to percentage of completion. At the end of 2018, the following financial statement information indicates the results to date for the PAC (missing items denoted by letter):

Required:
Compute the following, placing your answer in the spaces provided and showing supporting computations below:

Quizplus · Accepted Answer

The Answer of In 2018, Chicago Construction began work on a three-year construction project to build a new performing arts complex (the PAC). The PAC contract price is $150 million. Chicago recognizes revenue on this contract over time according to percentage of completion. At the end of 2018, the following financial statement information indicates the results to date for the PAC (missing items denoted by letter):

Required:
Compute the following, placing your answer in the spaces provided and showing supporting computations below:

In 2018, Chicago Construction Began Work on a Three-Year Construction