FUNDAMENTAL ACCOUNTING PRINCIPLES
24th Edition
ISBN: 9781260811704
Author: Wild
Publisher: MCG
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Chapter 15A, Problem 18E
To determine
Concept Introduction:
Foreign Currency Transactions:
A business doing international transaction enters into the foreign currency transactions. The value of foreign current keeps changing and these results in the foreign exchange gain or loss for the business.
The accounting for foreign exchange gain or loss is done with separate disclosures in the financial statements.
To Prepare:
The
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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:
2024
2025
$
2026
$
Cost incurred during the year
Estimated costs to complete as of
year-end
Billings during the year
Cash collections during the year
2,016,000 2,808,000 2,613,600
5,184,000 2,376,000
0
2,180,000 2,644,000 5,176,000
1,890,000 2,500,000 5,610,000
Westgate recognizes revenue over time according to percentage of completion.
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.
Note: Do not round intermediate calculations and round your final…
Chapter 15A Solutions
FUNDAMENTAL ACCOUNTING PRINCIPLES
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