Need Part 55. 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. 2021 2022 2023Cost incurred during the year$2,520,000 $3,860,000 $4,080,000 Estimated costs to complete as of year-end 5,720,000 4,220,000 0 In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. Theroad was completed in 2023. Information related to the contract is as follows:2021$2,184,0005,616,0001,800,0001,600,0002023$2,316, 6002022Cost incurred during the yearEstimated costs to complete as of year-endBillings during the yearCash collections during the year$ 3,510,0002,106,0003,894,0003,400,0004,306,0005,000,000Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time.Required:1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costsincurred).2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costsincurred).2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costsincurred).3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to thecontract.4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costsincurred and costs to complete information.2022$3,860,0003,220,00020212023Cost incurred during the yearEstimated costs to complete as of year-end$2,520,0005,720,000$3,220,0005. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costsincurred and costs to complete information.202120222023Cost incurred during the yearEstimated costs to complete as of year-end$2,520,0005,720,000$3,860,0004,220,000$4,080,000Complete this question by entering your answers in the tabs below.Req 1Reg 2AReg 2BReg 20Req 3Reg 4Reg 5Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Leave no cells blank - becertain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.)202120222023RevenueGross profit (loss)

Solution 5: Year Actual cost incurred (A) Total cost incurred till date (B) Total estimated Cost…

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. 2021 2022 2023 Cost incurred during the year $ 2,520,000 $ 3,860,000 $ 4,080,000 Estimated costs to complete as of year-end 5,720,000 4,220,000 0

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. 2021 2022 2023 Cost incurred during the year $ 2,520,000 $ 3,860,000 $ 4,080,000 Estimated costs to complete as of year-end 5,720,000 4,220,000 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

12/31/17 12/21/18 Cost incurred to date Estimated cost to complete ? 4,900,000 14,200,000 9,000,000 Percentage of Completion ? 60% Income recognized to date 700,000 2,400,000 What is the cost incurred to date in 2017? What is the Percentage of completion in 2017?
HOMEWORK-DEPRECIATION/TAXES Initial cost $400,000 $160,000 $30,000 Annual Revenue Annual Expense Recovery Period (expected life) 5 Tax Rate 30% MARR 12% 6. Construct a complete Income Statement using SL 7. Construct an Income Statement using MACRS.
3
pls help answer letter a and b pls thanks
Fast pls solve this question correctly in 5 min pls I will give u like for sure Svtrik Create the combined common-size, common-base year statement for 2022. What is the value for machines?
I need help with question is problem
104-Principles of Management Acco y courses/ BUSS 104-2-20202 / TEST 2 SCHEDULED FOR 12TH APRIL 2021 IN CL The BCD Company had the following income statement on 31.12.2020 Deprecation 10000 Net income 190000 OMR The following accounts decreased during 2020: Accounts receivable 22000 inventory 15000 OMR. Rent payable 19000, Machinery 15000 OMR The following accounts increased during 2020:Notes receivable 14000 Accounts Payable 13000 long term Bonds payable 30000 OMR Calculate cash flows from operating activities Select one: O a. 245000 OMR O b. NONE OF THESE Oc. 217000 OMR O d. 249000 OMR Next page page s unit 4 Jump to.. nned in se Moor Rakhit Almaschani na uth
CALCULATOR PRINTER VERSION 1 BACK NEX Brlef Exercise 22-02 At the beginning of 2020, Riverbed Construction Company changed from the completed-contract method to recognizing revenue over time (percentage-of-completion) for financial reporting purposes. The company will continue to use the completed-contract method for tax purposes. For years prior to 2020, pretax income under the two methods was as follows: percentage-of-completion $117,300, and completed-contract $77,700. The tax rate is 35%. Riverbed has a profit-sharing plan, which pays all employees a bonus at year-end based on 1% of pretax income. Compute the indirect effect of Riverbed's change in accounting principle that will be reported in the 2020 income statement, assuming that the profit-sharing contract explicitly requires adjustment for changes in income numbers. Indirect effect
jagdish
Q5/ Calculate contractors advance if you knew the value of work performed up to the date of this advance (120 000 000 ) Dinar and the total work value is ( 280 000 000 ) Dinar and the value of the materials presented is ( 50 000 000) Dinar.
PROBLEM 14: MMM Company started operations in 2019. The following data are abstracted from the company's production and sales records: 2019 2020 2021 of units Number produced Number of units sold Unit production cost 116,250 108,750 P 4.50 P 5.20 P 5.80 900,000 120,000 75,000 101,250 97,500 Sales revenue 600,000 975,000 19. Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is: PROBLEM 15: The following quarterly cost data have been accumulated for New DDD Manufacturing, Inc.: Raw materials, 1/1/2022 Purchases of raw materials 10,000 units at P6.00 8,500 units at P7.00 11,000 units at P7.50 Raw materials transferred to work in process Work in process, 1/1/2022 Direct labor Manufacturing overhead Work in process, 3/31/2022 21,500 units 5,600 units at P13.50 P 250,000 325,000 4,200 units at P13.75 20. If New Dehi uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended March 31,…