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 Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) $ $ Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediat calculations. Loss amounts should be indicated with a minus sign.) 2021 3,000,000 $ 900,000 $ 2021 2022 $2,100,000 $2,450,000 4,900,000 2,450,000 2,200,000 2,350,000 5,450,000 1,900,000 2,300,000 5,800,000 2022 2023 $2,695,000 2023 3,500,000 $ 3,500,000 1,050,000 $ 3,500,000 0

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 Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) $ $ Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediat calculations. Loss amounts should be indicated with a minus sign.) 2021 3,000,000 $ 900,000 $ 2021 2022 $2,100,000 $2,450,000 4,900,000 2,450,000 2,200,000 2,350,000 5,450,000 1,900,000 2,300,000 5,800,000 2022 2023 $2,695,000 2023 3,500,000 $ 3,500,000 1,050,000 $ 3,500,000 0

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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