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3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. Balance Sheet (Partial) Current assets: Current liabilities: 2024 0 2025

3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. Balance Sheet (Partial) Current assets: Current liabilities: 2024 0 2025

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026. Information related to the contract is as follows: Problem 6-10 (Algo) Part 3 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: 2024 $ 2,184,000 5,616,000 2,120,000 1,860,000 Current liabilities: 2024 2025 $ 3,510,000 2,106,000 3,574,000 3,400,000 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. 0 2025 2026 $ 2,316,600 0 0 4,306,000 4,740,000
Transcribed Image Text:In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026. Information related to the contract is as follows: Problem 6-10 (Algo) Part 3 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: 2024 $ 2,184,000 5,616,000 2,120,000 1,860,000 Current liabilities: 2024 2025 $ 3,510,000 2,106,000 3,574,000 3,400,000 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. 0 2025 2026 $ 2,316,600 0 0 4,306,000 4,740,000
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