! 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: 2024 2025 2026 $ 2,580,000 $ 4,042,000 $ 2,175,800 6,020,000 2,060,000 1,830,000 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. 1,978,000 4,562,000 4,200,000 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. 0 3,378,000 3,970,000

! 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: 2024 2025 2026 $ 2,580,000 $ 4,042,000 $ 2,175,800 6,020,000 2,060,000 1,830,000 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. 1,978,000 4,562,000 4,200,000 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. 0 3,378,000 3,970,000

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 Skip to question [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: 2024 2025 2026 Cost incurred during the year $ 2,016,000 $2,808,000 $2,613,600 Estimated costs to complete as of year-end 5, 184,000 2,376, 000 0 Billings during the year 2, 180,000 2,644,000 5, 176,000 Cash collections during the year 1,890,000 2,500,000 5,610,000 Westgate recognizes revenue over time according to percentage of completion. 2-a. In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2025 (credit "Cash, Materials, etc." for construction costs incurred). 2-c. In the journal below, complete the…
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nku.4 give in table format or i will give you down vote
Please do not give solution in image format thanku
BnD Construction Co. successfully tendered for a 3-year contract to erect some warehouse facilities in Gros Islet. The following information has been provided. Contract price - $25 000 000 2021 2022 2023 Cost during year $ 4 000 000 $8 000 000 $8 100 000 Estimated cost to complete 16 000 000 8 050 000 0 Progress billings to date 4 500 000 11 500 000 25 000 000 Cash collected to date 4 200 000 11 000 000 25 000 000 i. Complete the following Workings Schedule. Do not enter negative values in the schedule. 2021 2022 2023 Cost to date $Answer 29 Question 3 $Answer 30 Question 3 $Answer 31 Question 3 Estimated cost to complete $Answer 32 Question 3 $Answer 33 Question 3 $Answer 34 Question 3 Total estimated cost $Answer 35 Question 3 $Answer 36 Question 3 $Answer 37 Question 3 Percentage complete (Round to nearest whole number) Answer 38 Question 3% Answer 39 Question 3%…
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Year 2022 and year 2023 are incorrect and I don't understand how to get these numbers
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Please answer question 3 [Para. 5-a-3]