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Name: (Insert Name Here) Excel Assignment (Percentage-of-completion) Required: 1
Name: (Insert Name Here) Excel Assignment (Percentage-of-completion) Required: 1- Using the data provided below you are to input formulas in the area designated below to calculate: % complete, revenue to be recognized in each year, and gross profit to be recognized in each year. (10 points) Hint: I suggest you use formulas with an IF function regarding the gross profit section of your speadsheet because your spreadsheet should be able to calculate correct answers whether a contract generates a profit or loss. 2- Using the data given and the solutions in your spreadsheet generated, prepare all journal entries for year 2023. Whenever possible, the amounts for your journal entries should be formulas that reference the appropriate cells in the calcuations below. (10 points) 3-Once you have completed the spreadsheet save your file with your last name(s) and first name(s) and upload it under Assignments by the assignment due date. Data: Contract price 1,200,000 2022 2023 2024 Costs incurred to date** $280,000 $600,000 $785,000 Estimated costs yet to be incurred 520,000 200,000 0 Customer billings to date** 250,000 500,000 1,200,000 Collections of billings to date** 120,000 320,000 1,040,000 **Hint: You have to figure out the actual cost, billings, and collections for each respective year. The information presented is “to date” not “Costs expended this year” as in the handouts and some of your assigned exercises/problems. Use the format provided below to input formulas for each respective year. 2022 2023 2024 Costs expended to date Estimated total costs % complete Contract price % complete Revenue recognized to date Revenue recognized prior Revenue recognized current Estimated total gross profit % complete Gross profit recognized to date Gross profit recognized prior Gross profit recognized current
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