year 2022 and year 2023 are incorrect and I can figure our how to solve these 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:**Contract Details:**- **2021:** - Cost incurred during the year: $2,184,000 - Estimated costs to complete as of year-end: $5,616,000 - Billings during the year: $2,120,000 - Cash collections during the year: $1,860,000- **2022:** - Cost incurred during the year: $3,510,000 - Estimated costs to complete as of year-end: $2,106,000 - Billings during the year: $3,574,000 - Cash collections during the year: $3,400,000- **2023:** - Cost incurred during the year: $2,316,000 - Estimated costs to complete as of year-end: $0 - Billings during the year: $4,306,000 - Cash collections during the year: $4,740,000Westgate recognizes revenue over time according to the percentage of completion.---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. *(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 and Estimated Costs to Complete:** - **2021:** - Costs incurred during the year: $2,184,000 - Estimated costs to complete as of year-end: $5,616,000 - **2022:** - Costs incurred during the year: $3,860,000 - Estimated costs to complete as of year-end: $4,220,000 - **2023:** - Costs incurred during the year: $4,080,000 - Estimated costs to complete as of year-end: $0**Revenue and Gross Profit (Loss) Calculation:**- **2021:** - Revenue: $2,800,000 - Gross profit (loss): $616,000

Solution: 2021 2022 2023 Revenue $28,00,000 $31,00,000 $41,00,000 Gross profit (loss)…

In 2021, the Westgate Construction Company entered into a contract to construct a road 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 year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 2022 2023 $2,184,000 $3,510,000 $2,316,600 5,616,000 2,106,000 2,120,000 3,574,000 4,306,000 1,860,000 3,400,000 4,740,000 Westgate recognizes revenue over time according to percentage of completion. Costs incurred during the year Estimated costs to complete as of year-end Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs curred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest hole dollar amount. Loss amounts should be indicated with a minus sign.) 2021 $2,184,000 5,616,000 2022 $3,860,000 4,220,000 2023 $4,080,000 0 0

In 2021, the Westgate Construction Company entered into a contract to construct a road 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 year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 2022 2023 $2,184,000 $3,510,000 $2,316,600 5,616,000 2,106,000 2,120,000 3,574,000 4,306,000 1,860,000 3,400,000 4,740,000 Westgate recognizes revenue over time according to percentage of completion. Costs incurred during the year Estimated costs to complete as of year-end Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs curred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest hole dollar amount. Loss amounts should be indicated with a minus sign.) 2021 $2,184,000 5,616,000 2022 $3,860,000 4,220,000 2023 $4,080,000 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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