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 2024 $ 2,156,000 5,544,000 Billings during the year 2,130,000 2025 $ 3,388,000 2,156,000 3,414,000 2026 $2,371,600 0 4,456,000 Cash collections during the year 1,865,000 3,300,000 4,835,000 Westgate recognizes revenue over time according to percentage of completion. 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. Balance Sheet (Partial) Current assets: Current liabilities: 2024 2025 0 0 0 0

Q: describe tools and techniques used in fi nancial analysis, including their uses and limitations;

A: Financial analysis can be defined as the evaluation of the profitability, durability and feasibility…

Q: What does the process of providing this information to external users is called? Describe about it…

A: Financial Reporting System:   It refers to monitoring the financial resources of an organization as…

Q: Student ID Day 63638034 Monday 23957096 Thursday 28080825 Monday Exam Score 61 70 1. How many…

A: =COUNTIF is used to count the cells satisfying the given criteria in the given range.

Q: Briefly describe the key elements of an operating plan

A: An operational plan is an everyday objective planned to achieve the decisions made in the strategic…

Q: The system experts perform the design and implementation phases of the system development life…

A: Accountants are involved in the creation of systems in three ways. The first is that accountants are…

Q: Explain how copmany approch to planing and its mission can be translated inti action plans

A: Planning: Planning refers to the process which helps in bridging the gap between the point the…

Q: critically discuss and evaluate the issues in the langtry benchmark-setting decision

A: Issues in the Langtry benchmark-setting decision:It is a case study that is developed to readers and…

Q: Explain the process followed and the result

A: The process followed here is the calculation of the Economic Order Quantity (EOQ), which is a…

Q: Summarize what are the MACRS guidelines?

A: The MACRS (Modified Accelerated Cost Recovery System) is the current tax depreciation system in the…

Q: Explain the importance of the review and evaluation process.

A: Introduction The financial plan monitoring for workplace review and evaluation is found essential to…

Q: Identify special issues related to LIFO.

A: LIFO (Last in First out): In this method, the units bought last are sold first. In other words, in…

Q: Draw out a trial balance using the above trasnsactions . Thank you

A: Trail balance is a list of accounts with debit and credit balances . Where total credit and debit…

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.