Sheet1
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2000
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2001
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2002
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$ '000
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$ '000
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$ '000
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Cost incurred
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800
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2,800
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1,200
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Cummulative
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800
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3,600
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4,800
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Amount billed and cash received
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1,300
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2,500
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2,200
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Cummulative
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1,300
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3,800
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6,000
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Income Statement (in $ thousands)
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Percentage of Completion
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Completed Contract
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2000
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2001
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2002
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2000
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2001
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2002
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Revenue *
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1,000
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3,500
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1,500
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0
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0
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6,000
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Expense
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(800)
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(2,800)
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(1,200)
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0
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0
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(4,800)
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Income
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200
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700
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300
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0
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0
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1,200
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* Revenue = (cost incurred / total contract cost) * total contract amount
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Balance Sheet (in $ thousands)
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Percentage of Completion
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Completed Contract
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2000
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2001
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2002
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2000
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2001
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2002
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Assets
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Cash
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500
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200
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1,200
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500
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200
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1,200
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Construction in progress **
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0
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700
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0
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0
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0
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0
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Total Assets
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500
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900
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1,200
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500
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200
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1,200
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Liabilities & Equity
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Advance billings **
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300
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0
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0
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500
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200
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0
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Retained earnings
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200
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900
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1,200
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0
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0
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1,200
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Total Liabilities & Equity
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500
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900
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1,200
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500
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200
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1,200
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** net of construction in progress & advance billings
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Construction in progress
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1,000
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4,500
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6,000
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Advance billings
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1,300
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3,800
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6,000
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Net Asset (Liability)
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(300)
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700
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0
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Sheet2
Sheet3
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