Please do not give solution in image format thanku 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$10,000,000. The road was completed in 2026. Information related to the contract is as follows:Cost incurred during the yearEstimated costs to complete as of year-endBillings during the yearCash collections during the yearWestgate recognizes revenue over time according to percentage of completion.Costs incurred during the year.Estimated costs to complete as of year-endRevenueGross profit (loss)20242024$ 2,100,0005,400,0002,150,0001,875,00020254. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following costsincurred and costs to complete information.Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amountsshould be indicated with a minus sign.2025$ 3,150,0002,250,0003,100,0003,100,0002024$ 2,100,0005,400,00020262026$ 2,475,00004,750,0005,025,00020252026$ 3,875,000 $ 3,275,0003,175,0000

The contract can be defined as a long-term contract because the work cannot be completed within one…

[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 $ 2,100,000 5,400,000 2,150,000 1,875,000 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. 2025 $ 3,150,000 2,250,000 3,100,000 3,100,000 Costs incurred during the year 2026 $ 2,475,000 2024 $ 2,100,000 0 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following c incurred and costs to complete information. 4,750,000 5,025,000 Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amour should be indicated with a minus sign. 2025 2026 $ 3,875,000 $ 3,275,000

[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: 2024 $ 2,100,000 5,400,000 2,150,000 1,875,000 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. 2025 $ 3,150,000 2,250,000 3,100,000 3,100,000 Costs incurred during the year 2026 $ 2,475,000 2024 $ 2,100,000 0 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following c incurred and costs to complete information. 4,750,000 5,025,000 Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amour should be indicated with a minus sign. 2025 2026 $ 3,875,000 $ 3,275,000

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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