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. Balance Sheet (Partial) Current assets: Accounts receivable Construction in progress Less: Billings CIP in excess of billings Current liabilities: Billings in excess of CIP 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. 2024 $3,000,000 2,000,000 $ 200,000 $ 1,000,000 2024 $ 2,400,000 5,600,000 2,000,000 1,800,000 0 0 2025 $7,500,000 2,000,000 2025 $ 3,600,000 2,000,000 4,000,000 3,600,000 $ 600,000 $ 5,500,000 0 2026 $ 2,200,000 0 0 4,000,000 4,600,000

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.