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 2024 $ 2,291,000 5,609,000 2,110,000 2025 $ 3,555,000 2,054,000 3,736,000 2026 $ 2,259,400 0 1,855,000 3,500,000 4,154,000 4,645,000 Westgate recognizes revenue over time according to percentage of completion. 5. 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. Note: 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 during the year Estimated costs to complete as of year-end 2024 $ 2,291,000 5,609,000 2025 $ 3,855,000 4,210,000 2026 $ 4,065,000 0 2024 2025 2026 Revenue $ 2,900,000 $ 3,034,724 $ 4,065,276 Gross profit (loss) $ 609,000 $ 145,276

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 2024 $ 2,291,000 5,609,000 2,110,000 2025 $ 3,555,000 2,054,000 3,736,000 2026 $ 2,259,400 0 1,855,000 3,500,000 4,154,000 4,645,000 Westgate recognizes revenue over time according to percentage of completion. 5. 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. Note: 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 during the year Estimated costs to complete as of year-end 2024 $ 2,291,000 5,609,000 2025 $ 3,855,000 4,210,000 2026 $ 4,065,000 0 2024 2025 2026 Revenue $ 2,900,000 $ 3,034,724 $ 4,065,276 Gross profit (loss) $ 609,000 $ 145,276

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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