Please do not give solution in image format thanku In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for$10,000,000. The road was completed in 2026. Information related to the contract is as follows:Cost incurred during the yearEstimated costs to complete as of year-endBillings during the yearCash collections during the yearWestgate recognizes revenue over time according to percentage of completion.Balance Sheet (Partial)Current assets:Accounts receivableConstruction in progressLess: Billings2024$ 2,610,0006,390,0002,100,0001,850,000Current liabilities:Billings in excess of CIP20243. 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.2025$ 3,162,0002,028,0003,672,0003,000,00000202502026$2,230,800004,228,0005,150,000

A balance sheet is a financial statement that shows a company's financial position at a specific…

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: 2025 $3,162,000 2,028,000 3,672,000 3,000,000 2024 Cost incurred during the year $ 2,610,000 6,390,000 Estimated costs to complete as of year-end Billings during the year 2,100,000 Cash collections during the year 1,850,000 Westgate recognizes revenue over time according to percentage of completion. 2026 $ 2,230,800 0 4,228,000 5,150,000 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract.

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: 2025 $3,162,000 2,028,000 3,672,000 3,000,000 2024 Cost incurred during the year $ 2,610,000 6,390,000 Estimated costs to complete as of year-end Billings during the year 2,100,000 Cash collections during the year 1,850,000 Westgate recognizes revenue over time according to percentage of completion. 2026 $ 2,230,800 0 4,228,000 5,150,000 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract.

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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Concept explainers

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.

Question

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Please do not give solution in image format thanku

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:
Accounts receivable
Construction in progress
Less: Billings
2024
$ 2,610,000
6,390,000
2,100,000
1,850,000
Current liabilities:
Billings in excess of CIP
2024
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.
2025
$ 3,162,000
2,028,000
3,672,000
3,000,000
0
0
2025
0
2026
$2,230,800
0
0
4,228,000
5,150,000

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