[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 $2,300,e00 $2,926,000 2,660,000 5,060,000 5,360,000 2,080,000 2,860,000 1,840,000 2,800,000 Westgate recognizes revenue over time according to percentage of completion. 5. 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. (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.) 2021 2022 2023 Costs incurred during the year Estimated costs to complete as of year-end $2,640,000 6,160,000 $3,840,000 4,180,000 $4,020, 000 2021 2022 2023 Revenue Is 3.000.000 3,078,799 3,921,201 O Gross profit (loss) IS 360,000 O s (761,201) X (98,799) X

[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 $2,300,e00 $2,926,000 2,660,000 5,060,000 5,360,000 2,080,000 2,860,000 1,840,000 2,800,000 Westgate recognizes revenue over time according to percentage of completion. 5. 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. (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.) 2021 2022 2023 Costs incurred during the year Estimated costs to complete as of year-end $2,640,000 6,160,000 $3,840,000 4,180,000 $4,020, 000 2021 2022 2023 Revenue Is 3.000.000 3,078,799 3,921,201 O Gross profit (loss) IS 360,000 O s (761,201) X (98,799) X

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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1. Choose the ethical considerations that Amahle Khumalo should recognize in deciding how to proceed. Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect. Check my work is not available. Khumalo should exercise initiative and good judgment in providing management with information having a potentially adverse economic impact Khumalo should determine whether the controller's request violates her professional or personal standards or the company's code of ethics. ? Khumalo should protect proprietary information and should not violate the chain of command by discussing this matter with the controller's superiors ?Khumalo should not try to convince the controller regarding the probable failure of reworks.
please answer all the questionss.,.within 30 minutes. make sure the explanation and reasons are explained in very detailed manner. else leave it for other tutor otherwise i will give negative ratings and will also report your answer for unprofessionalism. Make sure the answer is 100% correct and IS NOT COPIED FROM ANYWHERE ELSE YOUR ANSWER WILL DOWNVOTED AND REPORTED STRAIGHTAWAY. USE YOUR OWN LANGUAGE WHILST WRITING. ATTEMPT THE QUESTION ONLY IF YOU ARE 100% CORRECT AND SURE. ELSE LEAVE IT FOR ANOTHER TUTOR. BUT PLEASE DONT PUT WRONG ANSWER ELSE I WILL REPORT. MAKE SURE THE ANSWER IS WELL EXPLAINED AND DETAILED.
I have 4 problems that I need help finding the correct answer. In each problem an amount for the different categories has been left out so I have to find the unknown number for that account. This is the second time I am submitting these problems for help. The last person not only made numerous typos making it difficult to understand but they also did not reply in a clear manner to each problem. I am labeling the problems 1) 2) 3) and 4). If you could keep that format so it is less confusing I would appreciate it. Also I feel I was given the wrong answer to one of the the problems. So I will see if you come to the same answer.Problem 1Revenue $3000Dividends $2000Expenses $10001/1 Retained Earnings-amount unknown12/31 Retained Earnings $6000Problem 2Revenue $5000Dividends-amount unknownExpenses- $40001/1 Retained Earnings $800012/31 Retained Earnings $3000Problem 3Revenue $6000Dividends $0Expenses-amount unknown1/1 Retained Earnings $1200012/31 Retained Earnings $8000Problem…
Sorry, to bother you but I am not sure where you came up with these numbers. They don't seem to be the same numbers in the question. I guess I am just really confused. Thank you for your help.
How would I calculate this problem? I just guessed on which answer made sense to me. Please help. thank you in advance.
During the research process, if you are unsure whether or not you've found all the relevant literature, what should you do? A. Google it to see if there is anything else you've missed. B. Call your manager to verify that you've found it all. C. Use the search engine included in the Codification. D. Complain that it's too much work and call it a day.
Hello i have attached two pictures. They are both used together to answer the question. The first picture is the information to use too answer the question. The second attachment is the for the answer. I hope it is understandable and whoever answer this can please explain how they got the answers. I need the help. I have marked a yellow x on what i have done already. I DO NOT NEED HELP WITH WHAT IS CROSSED IN YELLOW (PARTS 1-3) I NEED PARTS 4-6. THIS IS IS IS THE ANSWER TO PARTS 1-3 Analysis and Calculation: 1) Gold Medal Athletic Co., Sales Budget: For the month ended March: Product Sales Volume Sale Price per unit Sales, $ Batting helmet 1,200 units $40 $ 48,000 Football helmet 6,500 units $160 $1,040,000 Total revenue from sales $ 1,088,000 2) Production Budget: Batting Football Helmet Helmet Expected units to be sold 1,200 6,500 Add: desired Ending inventory 50 220 Total 1,250 6,720 Less: Beginning estimated inventory 40 240 Total…
what exactly is a cookie jar reserve? Does using a cookie jar reserve follow GAAP? Does using a cookie jar reserve appear to be an ethical practice? Support your opinion. Your post should be more than a single sentence.
Which of the following are part of Kwan's "Simple & Effective way to End a Presentation?" Thank you Are there any questions? And that is (Your Subject) What I talked about was (Summarize key points) The first thing I want you to do when you leave here today is (Call to action) In conclusion.....
* no trial balance was given along with case study just tables typed out below or featured in the images* Trying this again... We were asked to calculate the missing values (which I have written down on my copy of the table in the image attached). After attending the lecture with hopes to get a better understanding of how the numbers we obtained, I ended up coming home and copying the answers down as my professor did not review as to how he calculated them. I copied all the numbers down onto excel with hopes to see if I can understand where the numbers came from but to no avail. There are no requirements asked for other than to simply calculate and input the missing values which I have noted down from the answer sheet. I am hoping to get an understanding as to how the numbers were computed for the income statement for now. Table 1: given values 1997 1998 1999 net sales 26820 28966 30703 cogs 21216 23550 26140 gross profit 5604 5416 4563 admin and selling expenses…
Oh no! Our expert couldn't answer your question. Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience. Here's what the expert had to say: Hi and thanks for your question! It looks like you're asking for help with using the site. You can reach our support team at the Contact Bartleby link at the bottom of the page. We've credited a question back to your account. Apologies for the inconvenience. Ask Your Question Again 13 of 30 questions left until Nov 14, 2021 Question complete a horizontal analysis for brown company. (negative answers should be indicated by a minus sign. leave no cells blank - be certain to enter "0" wherever required. round the "percent" answers to the nearest hundredth percent.) Current assets: 2020 2019 Increase (decrease) amount? Percent? Cash $14,150 $9,300 ?? Accounts receivable 16,950 12,800 ?? Merchandise inventory 18,050 21,450 ?? Prepaid advertising 52,600…