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Revenues and gross profit are recognized each period based on the construction progress, in other words, the percentage of completion. Construction costs plus gross profit earned to date are accumulated in an asset account (construction in process, also called construction in progress), and progress billings are accumulated in a liability account (billing on construction in process).
To record the first years revenue you start with computing the 2018 actual cost to date divided by the total estimated cost to get the percentage of completion for 2018 which is 29% of the job completed in 2018. You than take the 29% multiply by the cost of the job $10,000,000 and you get $2,900,000 of revenue fore 2018.
For example, if a stock has a YTD return of 8%, it means that from January 1 of the current year to the present date, the stock has appreciated by 8%. Another example: if a property has a fiscal year-end of March 31, 2009, and the YTD rental income as of June 30, 2008, is $1,000, this indicates that the property earned $1,000 in rental income ...
Construction cost estimating software is computer software designed for contractors to estimate construction costs for a specific project. A cost estimator will typically use estimating software to estimate their bid price for a project, which will ultimately become part of a resulting construction contract.
A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...
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Trailing twelve months (TTM) is a measurement of a company's financial performance (income and expenses) used in finance. It is measured by using the income statements from a company's reports (such as interim, quarterly or annual reports), to calculate the income for the twelve-month period immediately prior to the date of the report. This ...
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