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. Information related to the contract is as follows: 2024 $ 2,059,000 5,041,000 2,190,000 1,895,000 2025 $ 2,627,000 2,414,000 2,496,000 2,400,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. 2026 $ 2,655,400 0 5,314,000 5,705,000
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. Information related to the contract is as follows: 2024 $ 2,059,000 5,041,000 2,190,000 1,895,000 2025 $ 2,627,000 2,414,000 2,496,000 2,400,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. 2026 $ 2,655,400 0 5,314,000 5,705,000
Chapter3: Income Sources
Section: Chapter Questions
Problem 88P
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please answer do not image.
![Required information
[The following information applies to the questions displayed below.]
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. 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
Westgate recognizes revenue over time according to percentage of completion.
Balance Sheet (Partial)
Current assets:
Current liabilities:
2024
2024
$ 2,059,000
5,041,000
2,190,000
1,895,000
3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the
contract.
Note: Do not round intermediate calculations.
0
2025
$ 2,627,000
2,414,000
2,496,000
2,400,000
0
2025
2026
$ 2,655,400
0
0
5,314,000
5,705,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4e3afbcb-a454-4751-9275-c49b72ca8762%2F223ce6ca-d341-457e-93d4-0e28b6c3565e%2Fwgsqluq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
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. 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
Westgate recognizes revenue over time according to percentage of completion.
Balance Sheet (Partial)
Current assets:
Current liabilities:
2024
2024
$ 2,059,000
5,041,000
2,190,000
1,895,000
3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the
contract.
Note: Do not round intermediate calculations.
0
2025
$ 2,627,000
2,414,000
2,496,000
2,400,000
0
2025
2026
$ 2,655,400
0
0
5,314,000
5,705,000
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