! 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 2025 2026 $ 2,184,000 5,616,000 2,120,000 $ 3,510,000 2,106,000 3,574,000 $ 2,316,600 1,860,000 3,400,000 4,306,000 4,740,000 Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Revenue Gross profit (loss) 2024 2025 2026
! 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 2025 2026 $ 2,184,000 5,616,000 2,120,000 $ 3,510,000 2,106,000 3,574,000 $ 2,316,600 1,860,000 3,400,000 4,306,000 4,740,000 Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Revenue Gross profit (loss) 2024 2025 2026
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Denger
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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
2024
2025
2026
$ 2,184,000
5,616,000
2,120,000
$ 3,510,000
2,106,000
3,574,000
$ 2,316,600
1,860,000
3,400,000
4,306,000
4,740,000
Cash collections during the year
Westgate recognizes revenue over time according to percentage of completion.
Required:
1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.
Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.
Revenue
Gross profit (loss)
2024
2025
2026
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