[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: 2021 2022 2023 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,640,000 6,160,000 2,080,000 1,840,000 $2,300,000 $2,926,000 2,660,000 2,860,000 2,800,000 5,060,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion.
[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: 2021 2022 2023 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,640,000 6,160,000 2,080,000 1,840,000 $2,300,000 $2,926,000 2,660,000 2,860,000 2,800,000 5,060,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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