Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the aboveinformation. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minussign.)RevenueGross profit (loss)$20210$20220< Req 42023Req 5 > Cost incurred during the year.Estimated costs to complete as of year-endBillings during the yearCash collections during the year2021$ 2,184,0005,616,0001,800,0001,600,000Cost incurred during the yearEstimated costs to complete as of year-endCost incurred during the yearEstimated costs to complete as of year-end2022$ 3,510,0002,106,0003,894,0003,400,000Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time.Required:1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costsincurred).2021$2,520,0005,720,0002-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costsincurred).2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costsincurred).3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to thecontract.4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costsincurred and costs to complete information.2021$2,520,0005,720,0002023$ 2,316,6002022$3,860,0003,220,0004,306,0005,000,0002022$3,860,0004,220,00002023$3,220,0005. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costsincurred and costs to complete information.02023$4,080,000

Gross profit refers to the sum value of money gained by an entity through its business activities…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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