please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for$10,000,000. The road was completed in 2026. Information related to the contract is as follows:Cost incurred during the yearEstimated costs to complete as of year-endBillings during the yearCash collections during the year.Westgate recognizes revenue over time according to percentage of completion.Balance Sheet (Partial)Current assets:2024$ 2,072,0005,328,0002,160,0001,880,000Current liabilities:3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related tothe contract.Note: Do not round intermediate calculations.20242025$ 2,738,0002,590,0002,650,0002,700,0000020252026$ 2,849,00005,190,0005,420,000

The construction contract is a long-term contract that generally takes more than a year to finish…

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 2024 $2,072,000 5,328,000 Estimated costs to complete as of year-end Billings during the year 2,160,000 Cash collections during the year 1,880,000 Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: 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. Current liabilities: 2024 2025 $2,738,000 2,590,000 2,650,000 2,700,000 0 0 2025 2026 $ 2,849,000 0 5,190,000 5,420,000

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: Cost incurred during the year 2024 $2,072,000 5,328,000 Estimated costs to complete as of year-end Billings during the year 2,160,000 Cash collections during the year 1,880,000 Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: 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. Current liabilities: 2024 2025 $2,738,000 2,590,000 2,650,000 2,700,000 0 0 2025 2026 $ 2,849,000 0 5,190,000 5,420,000

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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