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! 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 2025 $ 2,400,000 $ 3,600,000 5,600,000 2,000,000 2,000,000 4,000,000 1,800,000 3,600,000 Answer is complete but not entirely correct. 2025 1,750,000 $ 900,000 $ 2024 3,000,000 $ 600,000 $ 2024 $ 2,400,00 5,600,00 2026 2,500,000 300,000 2026 $ 2,200,000 2025 $ 3,800,000 3,100,000 4,000,000 4,600,000 0 2026 $ 3,200,000 0

! 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 2025 $ 2,400,000 $ 3,600,000 5,600,000 2,000,000 2,000,000 4,000,000 1,800,000 3,600,000 Answer is complete but not entirely correct. 2025 1,750,000 $ 900,000 $ 2024 3,000,000 $ 600,000 $ 2024 $ 2,400,00 5,600,00 2026 2,500,000 300,000 2026 $ 2,200,000 2025 $ 3,800,000 3,100,000 4,000,000 4,600,000 0 2026 $ 3,200,000 0

FINANCIAL ACCOUNTING
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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! 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 2025 $ 2,400,000 $ 3,600,000 5,600,000 2,000,000 2,000,000 4,000,000 1,800,000 3,600,000 Answer is complete but not entirely correct. 2025 1,750,000 $ 900,000 $ 2024 3,000,000 $ 600,000 $ 2024 $ 2,400,00 5,600,00 2026 2,500,000 300,000 2026 $ 2,200,000 2025 $ 3,800,000 3,100,000 4,000,000 4,600,000 0 2026 $ 3,200,000 0
Transcribed Image Text:! 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 2025 $ 2,400,000 $ 3,600,000 5,600,000 2,000,000 2,000,000 4,000,000 1,800,000 3,600,000 Answer is complete but not entirely correct. 2025 1,750,000 $ 900,000 $ 2024 3,000,000 $ 600,000 $ 2024 $ 2,400,00 5,600,00 2026 2,500,000 300,000 2026 $ 2,200,000 2025 $ 3,800,000 3,100,000 4,000,000 4,600,000 0 2026 $ 3,200,000 0
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