Carla Vista Enterprises Ltd. has entered into a contract beginning in February 2023 to build two
warehouses for Pharoah Structures Ltd. The contract is a non-cancellable fixed-price contract for
$10.2 million. The following data pertain to the construction period.
2023
2024
2025
Costs for the year
$4,095,000
5,005,000
800,000
Estimated costs to complete
5,005,000
900,000
-0-
Progress billings for the year (non-refundable)
3,770,000
4,430,000
2,000,000
Cash collected for the year
3,325,000
4,480,000
2,395,000
Using the percentage-of-completion method, calculate the percentage complete for each yea
of the contract. (Round answers to 0 decimal places, e.g. 52%).
2023
2024
Percent
complete
%