[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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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.
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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.
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arrow_forward 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! Unfortunately we cannot answer this particular question due to its complexity. We've credited a question back to your account. Apologies for the inconvenience. Ask Your Question Again 5 of 10 questions left until 5/23/21 Question The management accountant at Miller Merchandising & More, Odail Russell is in the process ofpreparing the cash budget for the business for the fourth quarter of 2021. It is customary for thebusiness to borrow money during this quarter. Extracts from the sales and purchases budgets areas follows:Month cash sales sales on account purchasesAugust $85,000 $640,000 $420,000September $70,000 $550,000…
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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.
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