Each has the same information but different requirements.
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 Enourred during the year met imated costs to complete as of year-end illing during the year Cash collection during the year 2021 $2,640,000 6,160,000 2,080,000 1,840,000 2022 $2,300,000 2,660,000 2,860,000 2,800,000 2023 $2,926,000 0 5,060,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion Required: 1. Caleulate 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 profitons) 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 Fatimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,640,000 6,160,000 2,080,000 1,840,000 2022 $2,300,000 2,660,000 2,860,000 2,800,000 2023 $2,926,000 0 5,060,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion. 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. (Do not round Intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) Conta incurred during the year Estimated costs to complete as of year-end 2021 $2,640.000 6,160,000 2022 2023 $3,840,000 $3,240,000 3,140,000 2021 2022 2023 Revenue Gross profit (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: 2021 2022 2023 Contineurred during the year $2.640,000 $2,300,000 $2,926,000 Estimated conts to complete all of year-end 6.160,000 2,660,000 0 Billings during the year 2,080,000 2,860,000 5,060,000 Cash collections during the year 1,840,000 2,800,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion. 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. (Do not round Intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be Indicated with a minus sign.) Conta incurred during the year Estimated cost to complete as of year-end 2021 $2,640,000 6.160,000 2092 $3,840,000 4,180,000 2023 $0,020,000 0 2021 2022 2023 Revenue Gross profit (los)
