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April 25, 2021 at 8:05 pm #618840
Sallywa
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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
Sallywa
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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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