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Lets find the percentage of completion on a project. Percentage of completion is an accounting method to follow when dealing with projects in which payments are received throughout the different stages of construction. Lets go through the numbers in this problem, we have a cost-to-date of 28,210.00, Cost-to-date is the amount you, as a contractor, have spent on the project so far. then we have a cost-to-completion of 38,463.00. Cost-to-completion is the amount you are supposed to spend on the project by the time you finish. This number is well known to the contractor from the estimate used in the bidding process. we also have a contract price of 48,964.00. Contract price is what you are charging your customer, the owner, for the completed project. and we have a billed-to-date of 28,305.00. Billed-to-date is the amount you have been paid so far by the owner. For purposes of this definition we assume that amounts billed are automatically paid. These are the
