Jones Contractors Inc Required:
for Each of the Three Years, Determine the Following

Jones Contractors Inc. agreed to construct a building for $500,000. Construction commenced in 2020 and was completed in 2022.
$$\begin{array} { | l | r | r | r | } \hline & 2020 & 2021 & 2022 \\\hline \text { Costs incurred during the year } & 159,300 & 217,405 & 103,295 \\\hline \text { Estimated costs to complete } & 290,700 & 81,295 & 0 \\\hline \text { Billings during the year } & 90,000 & 200,000 & 210,000 \\\hline \text { Collections during the year } & 82,500 & 199,000 & 207,000 \\\hline\end{array}$$ Required:
For each of the three years, determine the following amounts relating to the above contract: revenue, expenses, gross profit, accounts receivable balance, and construction-in-process inventory balance.
$$\begin{array} { | l | l | l | l | } \hline & 2020 & 2021 & 2022 \\\hline \text { Revenue } & & & \\\hline \text { Expenses } & & & \\\hline \text { Gross profit (loss) } & & & \\\hline & & & \\\hline \text { Accounts receivable at end of year } & & & \\\hline \text { Construction in process inventory at } & & & \\\hline \text { end of year } & & & 0\\\hline\end{array}$$

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