accounting practice problem 1
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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,400,000 5,600,000 2,000,000 1,800,000 2022 2023 $3,600,000 $2,200,000 2.000.000 4,000,000 4,000,000 3,600,000 4,600,000 Westgate recognizes revenue over time according to percentage of completion. 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.) 2021 2022 2023 Revenue Gross profit (los) Help Save & Exit 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: Check my work Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 2022 2023 $2,400,000 $3,600,000 $2,200,000 5,600,000 2,000,000 2,000,000 4,000,000 4,000,000 1.800.000 3,600,000 4,600,000 Westgate recognizes revenue over time according to percentage of completion incurred) 2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts for construction costs 2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts for construction costs incurred) 2.c. In the journal below.complete the necessary journal entries for the year 2023 (credit Various accounts for construction costs incurred). Complete this question by entering your answers in the tabs below. Req 2A Req 28 Reg 2C In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts for construction costs incurred), (If no entry is required for a transaction/event, select "No journal entry required in the first accountld.) View transaction list Journal entry worksheet 1 2 3 4 Record construction costs. Note: Enter debits before credits Date General Journal Debit Credit 2021 Record entry Clear entry View general journal In 2021 the West Construction Company to como ser ut $10,000,000. The road was completed in 2003 Westgate recognizes revenues according to percentage of completion 2-a. In the journal below, complete ary Journal entries for the year 2021 credit Various accounts for construction incurred 2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit Various account for construction incurred 2-e. In the journal below.complete the necessary journal entries for the year 2023 credit Various accounts for construction incurred) Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Req 2c In the journal below, complete the necessary journal entries for the year 2021 (credit Various accounts for construction costs (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record progress billings. Note: Enter debits before credits Date General Journal Debit Credit 2021 Record entry Clear entry View general Journal Prev 3 3 3 Next OCT 1 in 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara $10,000,000. The road was complete in 2023. Information related to the contract is as follows: Coat incurred during the ye Estimated costs to complete Billings during the year Cash collections during the year sar-end 2021 $2,400,000 5,600,000 2.000.000 1.800.000 2022 $3,600,000 2,000,000 4,000,000 3,600,000 2023 $2,200,000 4,000,000 4,600.000 Westgate recognizes revenue over time according to percentage of completion. 2-a. In the journal below, complete the necessary Journal entries for the year 2021 (credit "Various accounts fo Incurred) 2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" te incurred). Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Reg 2C In the journal below, complete the necessary journal entries for the year 2021 (credit Various accounts for cons (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 2 4 Record cash collections. Note: Enter debits before credits. Date General Journal Debit Credit 2021 Record entry Clear entry View general journal Date as of year-end inga during the year Cash collections during $2.400.000 5,500.00 2,000,000 1.800.000 2023 $2,200.000 9,600.000 2.000.000 4.000.000 3,600.000 4.000.000 4.600.000 Westgate recognizes revenusume according to percentage of completion 2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accour incurred). 2-b. In the Journal below, complete the necessary Journal entries for the year 2022 (credit "Various accou incurred) 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accou incurred). Complete this question by entering your answers in the tabs below. Req 2A Reg 2B Reg 2c In the journal below, complete the necessary joumal entries for the year 2021 (credit "Various accounts for (if no entry is required for a transaction/event, select "No joumal entry required in the first account field.) View transaction list Journal entry worksheet 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: Coat incurred during the year 2021 2022 2023 $2,400,000 $3,600,000 $2,300,000 tatimated costs to complete of year-end 5,600,000 2,000,000 Billings during the year 2.000.000 4.000.000 4,000,000 Cash collections during the year 1,000,000 3.600.000 4.600.000 Westgate recognizes revenue over the -cording to percentage of completion 2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts for construction costs 2.-6. In the journal below, complete the necessary Journal entries for the year 2022 (credit "Various accounts for construction costs 2-c. In the journal below.complete the necessary journal entries for the year 2023 (credit "Various accounts for construction costs incurred). Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Reg 20 In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record construction costs. Note: Enter debits before credits Date General Journal Debit Credit 2022 Record entry Clear entry View general journal Check my world 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: Cont incurred during the year Estimated costs to complete as of Billings during the year Cash collections during the year 2021 2022 2023 $2,400,000 $3,600,000 $2,200,000 5,600,000 2,000,000 0 2.000.000 4,000,000 4.000.000 1.800.000 3.600.000 4.600.000 Westgate recognizes revenue over time according to percentage of completion 2-a. In the journal below, complete the necessary Journal entries for the year 2021 (credit "Various accounts for construction costs incurred). 2-b. In the journal below, complete the necessary Journal entries for the year 2022 (credit "Various accounts for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts for construction costs incurred). Complete this question by entering your ans in the tabs below. Reg 2A Req 28 Req 20 In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts for construction costs incurre (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record construction costs. Note: Enter debits before credits. General Journal Debit Credit Date 2023 Record entry Clear entry View general journal 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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 72021 2022 2023 $2400,000 $3,600,000 $2,200,000 5,600,000 2,000,000 0 2,000,000 4,000,000 4,000,000 1,800,000 3,600,000 4,600,000 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.) 2021 2022 Balance Sheet (Partial) Current assets: Current liabilities
