[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 Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: 2024 $ 2,044,000 5,256,000 2,170,000 1,885,000 Current liabilities: 2024 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. 2025 $ 2,628,000 2,628,000 2,502,000 2,600,000 0 0 2025 2026 $ 2,890,800 0 0 5,328,000 5,515,000
[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 Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: 2024 $ 2,044,000 5,256,000 2,170,000 1,885,000 Current liabilities: 2024 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. 2025 $ 2,628,000 2,628,000 2,502,000 2,600,000 0 0 2025 2026 $ 2,890,800 0 0 5,328,000 5,515,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![[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
Cash collections during the year i
Westgate recognizes revenue over time according to percentage of completion.
Balance Sheet (Partial)
Current assets:
2024
2025
2026
$ 2,044,000 $ 2,628,000 $ 2,890,800
5,256,000
2,628,000
2,502,000
2,600,000
Current liabilities:
3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the
contract.
Note: Do not round intermediate calculations.
2024
0
2,170,000
1,885,000
0
2025
0
0
0
5,328,000
5,515,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff79fcacf-f17e-496c-8bc5-1465285ed933%2F4ee1920f-9b1d-422e-bafd-28d726d7b642%2Fohz6lx_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[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
Cash collections during the year i
Westgate recognizes revenue over time according to percentage of completion.
Balance Sheet (Partial)
Current assets:
2024
2025
2026
$ 2,044,000 $ 2,628,000 $ 2,890,800
5,256,000
2,628,000
2,502,000
2,600,000
Current liabilities:
3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the
contract.
Note: Do not round intermediate calculations.
2024
0
2,170,000
1,885,000
0
2025
0
0
0
5,328,000
5,515,000
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