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 2021. Information related to the contract is as follows. Cost incurred during year $2,016,000 $2,808,000 $2,613,000 Estimated costs to complete as of year-end 5,184,000 2,376,000 0 Billings during the year 2,180,000 2,644,000 5,176,000 Cash collections during the year 1,890,000 2,500,000 5,610,000 Westgate recognizes revenue over time according to percentage of completion Required 1.- Calculate the amount of revenue and gross profit (loss) to be organized in each of three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.)
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 2021. Information related to the contract is as follows.
Cost incurred during year $2,016,000 $2,808,000 $2,613,000
Estimated costs to complete as of year-end 5,184,000 2,376,000 0
Billings during the year 2,180,000 2,644,000 5,176,000
Cash collections during the year 1,890,000 2,500,000 5,610,000
Westgate recognizes revenue over time according to percentage of completion
Required
1.- Calculate the amount of revenue and gross
Revenue 2021 2022 2023
Gross profit (loss)
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