Please do not give solution in image format thanku Required informationProblem 6-10 (Static) Long-term contract; revenue recognition over time [LO6-8, 6-9][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$10,000,000. The road was completed in 2026. Information related to the contract is as follows:Cost incurred during the yearEstimated costs to complete as of year-endBillings during the yearCash collections during the yearWestgate recognizes revenue over time according to percentage of completion.Problem 6-10 (Static) Part 1RevenueGross profit (loss)Required:1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.20242024$ 2,400,0005,600,0002,000,0001,800,000202520262025$ 3,600,0002,000,0004,000,0003,600,0002026$ 2,200,00004,000,0004,600,000

The percentage of completion method recognizes the revenue on the basis of percentage of the…

Problem 6-10 (Static) Long-term contract; revenue recognition over time [LO6-8, 6-9] [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: 2024 Cost incurred during the year $ 2,400,000 5,600,000 Estimated costs to complete as of year-end Billings during the year 2,000,000 Cash collections during the year 1,800,000 Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Static) Part 1 2025 $ 3,600,000 2,000,000 4,000,000 3,600,000 equired: Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. lote: Do not round intermediate calculations Loss amounts should be indicated with a minus sign 2026 $ 2,200,000 0 4,000,000 4,600,000

Problem 6-10 (Static) Long-term contract; revenue recognition over time [LO6-8, 6-9] [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: 2024 Cost incurred during the year $ 2,400,000 5,600,000 Estimated costs to complete as of year-end Billings during the year 2,000,000 Cash collections during the year 1,800,000 Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Static) Part 1 2025 $ 3,600,000 2,000,000 4,000,000 3,600,000 equired: Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. lote: Do not round intermediate calculations Loss amounts should be indicated with a minus sign 2026 $ 2,200,000 0 4,000,000 4,600,000

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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