[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 2,080,000 1,840,000 $2,300,000 $2,926,000 2,660,000 2,860,000 2,800,000 5,060,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion.
[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 2,080,000 1,840,000 $2,300,000 $2,926,000 2,660,000 2,860,000 2,800,000 5,060,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer competely and properly
![Required information
[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
2,080,000
1,840,000
$2,300,000
2,660,000
2,860,000
2,800,000
$2,926,000
5,060,000
5,360,000
Westgate recognizes revenue over time according to percentage of completion.
3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the
contract. (Do not round intermediate calculations.)
Balance Sheet (Partial)
2021
2022
Current assets:
Current liabilities:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd398efd6-5a92-43df-95cb-a61950735d81%2Fc038fd1d-6723-4901-bddf-80ab70466a78%2Fhleohivp_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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
2,080,000
1,840,000
$2,300,000
2,660,000
2,860,000
2,800,000
$2,926,000
5,060,000
5,360,000
Westgate recognizes revenue over time according to percentage of completion.
3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the
contract. (Do not round intermediate calculations.)
Balance Sheet (Partial)
2021
2022
Current assets:
Current liabilities:
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