venue of RO 55,500 along with an operating expenditure of RO 15,250 and salaries of RO 6,500. The balance of excess of revenue over expenditure is _________ a. RO 55,500 b. RO 32,750 c. None of the options d. RO 33,750
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- Do question b) only.Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [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. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) $ $ Problem 6-10 (Algo) Part 5 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. Answer is complete but not entirely correct. 2024 2024 $ 2,016,000 5,184,000 2,180,000 1,890,000…pvn.3
- Solve both questions Do not give answer in image formateRequired information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Problem 6-10 (Algo) Part 1 Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) 2021 $2,044,000 5,256,000 2,170,000 1,885,000 X Answer is complete but not entirely correct. 2022 3,600,000 $ $ $ 2021 2,800,000 $ 756,000 $ 972,000 2022 $2,628,000 2,628,000 2,502,000 2,600,000 Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations.…Air New Zealand recognised an impairment loss of $338 million on aircrafts during the year ended 30 June 2020. Required Why did Air New Zealand recognise the impairment loss on aircrafts during the year ended 30 June 2020? How is impairment loss calculated under NZ IAS 36 Give the journal entry for the aircraft impairment loss of Air New Zealand.
- 9-The company owns a permanent administrative building costing RO 100,000 and charged the depreciation on building at 10% per annum. What will be the disallowed expenses as per the Oman tax laws? a. RO 6,000 b. None of the options c. RO 10,000 d. RO 4,000Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [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 Problem 6-10 (Algo) Part 5 Westgate recognizes revenue over time according to percentage of completion. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) $ $ 2024 $ 2,610,000 6,390,000 2,100,000 1,850,000 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. X Answer is complete but not entirely correct. 2026 3,939,962 (110,038)…Required Information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [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: 2025 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2024 2026 $ 2,490,000 5,810,000 2,030,000 $ 3,984,000 $ 2,008,600 1,826,000 в 4,444,000 3,900,000 3,526,000 4,285,000 1,815,000 Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Algo) Part 4 4. 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. Note: Do not round Intermediate calculations and round your final…
- Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Problem 6-10 (Algo) Part 1 Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) 2021 $2,044,000 5,256,000 2,170,000 2,502,000 1,885,000 2,600,000 2021 2022 2023 2022 $2,628,000 $2,890,800 2,628,000 Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2023 0 5,328,000 5,515,000Do not give answer in image! Required Information Problem 6-10 (Static) Long-term contract; revenue recognition over time [LO6-8, 6-9] [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. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) 2024 $ 2,400,000 5,600,000 2,000,000 1,800,000 2024 2025 Problem 6-10 (Static) Part 4 4. 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. 2025 $ 3,600,000 2,000,000 Note: Do not…
