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Sallywa

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  • April 25, 2021 at 8:05 pm #618840
    9bcc59e44084ae2d24a788a38137b8160583b000a69f876be6a0c4e5d1564b07 80Sallywa
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    I dont understand why costs to complete and costs to date was not deducted. Please explain

    April 22, 2021 at 8:51 am #618499
    9bcc59e44084ae2d24a788a38137b8160583b000a69f876be6a0c4e5d1564b07 80Sallywa
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    This is the answer in the text book.

    Revenue Recognised ( 5m X 38%) 1900
    Less amounts invoiced (1740)
    Contract Asset 160

    Why haven’t they deducted the costs to date and costs to complete? And why wasnt the profit to date added to the costs incurred?

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