In 2021, 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 2023. 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:Accounts receivableConstruction in progress3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to thecontract. (Do not round intermediate calculations.)Less: BillingsCosts and profit in excess of billingsCurrent liabilities:Answer is complete but not entirely correct.✓✓20212021$2,184,0002022$3,510,0005,616,000 2,106,0002,120,000 3,574,000 4,306,0003,400,000 4,740,0001,860,000$ 2,800,000✔2,120,000$ 260,000$680,000< Prev0✓S2022990,000 X990,000 XS18 19202023$2,316,600$ 434,000$of 21000▬Next >

Some characteristics of construction contract are as follows: 1. A construction contract is a…

Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 2022 $2,184,000 $3,510,000 5,616,000 2,106,000 2,120,000 3,574,000 4,306,000 1,860,000 3,400,000 4,740,000 2023 $2,316,600 0

Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 2022 $2,184,000 $3,510,000 5,616,000 2,106,000 2,120,000 3,574,000 4,306,000 1,860,000 3,400,000 4,740,000 2023 $2,316,600 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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Given: 2021 2020 Net Sales 9,350,000 7,200,000 Cost of Sales Cost of Goods Sold 6,150,000 4,460,000 Factory Depreciation 350,000 325,000 Gross Income 2,850,000 2,415,000 SG&A 2,111,000 1,785,000 SG&A depreciation 75,000 70,000 Net Operating Income (NOI) 664,000 560,000 Other Income & Expenses Extraordinary Gain (Loss) 250,000 Interest Expense 120,000 105,000 Net Profit Before Taxes 544,000 705,000 Income Taxes 190,400 246,750 Net Income 353,600 458,250 Convert the above 2021 GAAP data to cash flow data.
Question 97 Using Financial Statements for 2020, times interest earned for the year 2020 is 15.37. TRUE OR FALSE?
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