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 $2,100,000 2022 $3,150,000 2023 $2,475,000 5,400,000 2,150,000 2,250,000 3,100,000 8 1,875,000 3,100,000 4,750,000 5,025,000 Westgate recognizes revenue over time according to percentage of completion. 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.) Balance Sheet (Partial) Current assets 2021 2022
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 $2,100,000 2022 $3,150,000 2023 $2,475,000 5,400,000 2,150,000 2,250,000 3,100,000 8 1,875,000 3,100,000 4,750,000 5,025,000 Westgate recognizes revenue over time according to percentage of completion. 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.) Balance Sheet (Partial) Current assets 2021 2022
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![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
$2,100,000
2022
$3,150,000
2023
$2,475,000
5,400,000
2,150,000
2,250,000
3,100,000
8
1,875,000
3,100,000
4,750,000
5,025,000
Westgate recognizes revenue over time according to percentage of completion.
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.)
Balance Sheet (Partial)
Current assets
Current liabilities:
2021
2022
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa1887b4b-27b3-4788-9690-2c1bce536bf4%2Fdd531858-8506-4de4-a8b4-c169b56cce1c%2Fizxf0wd_processed.png&w=3840&q=75)
Transcribed Image Text: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
$2,100,000
2022
$3,150,000
2023
$2,475,000
5,400,000
2,150,000
2,250,000
3,100,000
8
1,875,000
3,100,000
4,750,000
5,025,000
Westgate recognizes revenue over time according to percentage of completion.
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.)
Balance Sheet (Partial)
Current assets
Current liabilities:
2021
2022
0
0
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