Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000....

Question

Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2016 and was completed in 2017. Data relating to the contract are summarized below:   See attachment

Robert · Accepted Answer

Answer 
Percentage of Work Completed
= Expenditures Incurred from Inception to Date/Total Estimated Costs for the Contract
Expenditures Incurred from Inception to Date (Year 2016) = $ 300,000
Total Estimated Costs for the Contract = $ 300,000 + $ 1,200,000 = $ 1,500,000
Thus,

Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,000,000. The project began in 2016 and was completed in 2017. Data relating to the contract are summarized...

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