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Determine over- and underbillings for a company with the following information Job Number: 20-318 Job Name:...

  1. Determine over- and underbillings for a company with the following information

Job Number: 20-318

Job Name: Mountain Peak Office Remodel

Current Contract Amount: $256,852

Total Estimated Cost at Completion: $225,236

Actual Costs to Date: $202,138

Total Billed: $252,253

Job Number: 20-319

Job Name: Market Street Warehouse

Current Contract Amount: $55,123

Total Estimated Cost at Completion: $45,224

Actual Costs to Date: $5,211

Total Billed: $5,500

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Answer #1
Job Number 20-318
Percentage Completion 89.74% =202138/225236
Revenue to be recognized 230,499 =256852*89.74%
Over Billing Amount $ 21,754 =252253-230499
( Actual Billing - Revenue to be recognized )
Job Number 20-319
Percentage Completion 11.52% =5211/45224
Revenue to be recognized        6,350 =55123*11.52%
Under Billing Amount $ 1,139 =6350-5211
( Revenue to be recognized - Actual Billing )
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