Required information[The following information applies to the questions displayed below.]In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for$10,000,000. The road was completed in 2026. Information related to the contract is as follows:Cost incurred during the yearEstimated costs to complete as of year-endBillings during the yearCash collections during the yearWestgate recognizes revenue over time according to percentage of completion.Balance Sheet (Partial)Current assets:3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to thecontract.Note: Do not round intermediate calculations.Current liabilities:2024202420252026$ 2,604,000 $ 4,032,000 $ 1,940,4005,796,0001,764,0002,040,0004,596,0001,820,0004,000,0000020250003,364,0004,180,000

A partial balance sheet provides a snapshot of a company's assets and liabilities at a specific…

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 0 2025 0 0

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 0 2025 0 0

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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