[Otis214]

I have to use the percentage of completion and the completion of work method

You are a fresh accounting graduate. You have landed a job with a big 3 accounting firm. The first day at your job, your manager approaches you: "Hi Bill! Welcome aboard. Hope you like your new cubicle. Have you met everyone? By the way, you will be working with me from tomorrow on Long House Company. This is an important client. They have sent me some information on their projects. Can you provide a report that answers all of the questions listed below? By the way I need it by tomorrow morning at 8 a.m.!"
Project Total Contract Price Billings Through 12/31/12 Cash Collections Through 12/31/12 Contract Costs Incurred Through 12/31/12 Estimated Additional Costs to Complete
A $200,000 $100,000 $80,000 $120,000 $90,000
B 250,000 50,000 45,000 40,000 180,000
Prepare a schedule of gross profit (loss) to be reported.