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5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following costs incurred and costs to complete information. Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) Answer is complete but not entirely correct. 2026 S $ 2024 2025 3,100,000 $ 2,965,699 $ 558,000 $ (1,030,000) $ 2024 $ 2,542,000 5,658,000 3,934,301✔ 4,301 x 2025 $ 3,810,000 4,120,000 2026 $ 3,930,000 0

5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following costs incurred and costs to complete information. Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) Answer is complete but not entirely correct. 2026 S $ 2024 2025 3,100,000 $ 2,965,699 $ 558,000 $ (1,030,000) $ 2024 $ 2,542,000 5,658,000 3,934,301✔ 4,301 x 2025 $ 3,810,000 4,120,000 2026 $ 3,930,000 0

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. Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Algo) Part 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following costs incurred and costs to complete information. Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign. Costs incurred during the year Estimated costs to complete as of year - end Answer is complete but not entirely correct.
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. Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Algo) Part 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following costs incurred and costs to complete information. Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign. Costs incurred during the year Estimated costs to complete as of year - end Answer is complete but not entirely correct.
Problem 6-10 (Algo) Part 5 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following costs incurred and costs to complete information. Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) X Answer is complete but not entirely correct. 2025 2,965,699 $ (1,030,000) $ 2026 3,934,301 $ $ 2024 2024 $ 2,542,000 5,658,000 3,100,000 $ 558,000 $ 4,301 x 2025 $ 3,810,000 4,120,000 2026 $ 3,930,000 0
Transcribed Image Text:Problem 6-10 (Algo) Part 5 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following costs incurred and costs to complete information. Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) X Answer is complete but not entirely correct. 2025 2,965,699 $ (1,030,000) $ 2026 3,934,301 $ $ 2024 2024 $ 2,542,000 5,658,000 3,100,000 $ 558,000 $ 4,301 x 2025 $ 3,810,000 4,120,000 2026 $ 3,930,000 0
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