Required Information [The following information applies to the questions displayed below] In 2021, 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 2023. 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 2021 2022 $2,059,000 $2,627,000 5,041,000 2,414,000 2,190,000 2,496,000 5,314,000 1,895,000 2,400,000 5,705,000 2023 $2,655,400 Westgate recognizes revenue over time according to percentage of completion. 0 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round Intermediate calculations.)

Required Information [The following information applies to the questions displayed below] In 2021, 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 2023. 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 2021 2022 $2,059,000 $2,627,000 5,041,000 2,414,000 2,190,000 2,496,000 5,314,000 1,895,000 2,400,000 5,705,000 2023 $2,655,400 Westgate recognizes revenue over time according to percentage of completion. 0 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round Intermediate calculations.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required information [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 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. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) $ $ 4. 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. 2024 2,800,000 700,000 2025 2024 $ 2,100,000…
Please help with question, thanks.
Vala
Please help with answers asap
Cc.63.
Please do not give solution in image format thanku
need correct and complete answer with explanation , computation , steps in text form please provide explanation and computation clearly for each steps answer in text form
Please give working notes and proper explanation of solution
Gadubhai
Required information [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 year Estimated costs to complete as of year-end Billings during the year 2024 $ 2,604,000 5,796,000 2,040,000 2025 $ 4,032,000 1,764,000 4,596,000 2026 $ 1,940,400 0 3,364,000 Cash collections during the year 1,820,000 4,000,000 4,180,000 Westgate recognizes revenue over time according to percentage of completion. 4. 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…
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 $ 3,219,000 5,481,000 2,700,000 2,500,000 2025 $ 3,915,000 1,566,000 4,434,000 4,300,000 2026 $ 1,722,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. 0 2,866,000 3,200,000 Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.
Haresh