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Consider the following information: Accounts receivable, 12/31/2018 (from construction progress billings)$37
Consider the following information:
Accounts receivable, 12/31/2018 (from construction progress billings)$37.5Actual construction costs incurred in 2018$135Cash collected on project during 2018$105Construction in progress, 12/31/2018 $207Estimated percentage of completion during 2018 60%
How much cash remains to be collected by CCC on the project?
a.$240 million
b.Cannot be determined from the given information.
c.$202.5 million
d.$70 million
Expert Solution
Computation of Cash remains to be collected by CCC on the project:
Percentage of Completion of the Project = Construction in Progress / Total Contract Price
60% = $207 / Contract Price
Contract Price = $207 / 60% = $345 millions
Cash remains to be Collected = Contract Price - Cash Received till date
= 345 - 105
= $ 240 Millions
So, cash remains to be collected by CCC on the project is $240 millions.
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