HELLO!- I am currently having great difficulty answering parts of this question and could use some explanations of the answers given if possible, showing how you arrived there. Specifically, on questions, 3, 4, and 5 of this problem- I'm pretty much ok on #1, could use just the answer on parts, 2.1,2.2, and 2.3, to check my work and need a NEAT explanation of #3, #4, #5 of this problem!

Thank you so much- I submitted this problem already but the person who answered it took a picture of handwritten calculations that I couldn't read/understand and mainly concentrated on the first two parts of the question, not the parts I really need explaining,:-( Please Help!. - Jeremy

In 2013, 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 2015. Information related to the contract is as follows:

Costs Incurred During The Year: 2013- $3,096,000 2014-$3,870,000 2015- $1,797,400

Estimated Costs To Complete As Of Year-End: 2013- 5,504,000 2014- 1,634,000 2015- 0

Billings During The Year: 2013- 2,600,000 2014- 4,366,000 2015- 3,034,000

Cash Collections During The Year: 2013- 2,340,000 2014- 4,200,000 2015- 3,460,000

Westgate uses the Percentage-Of-Completion method of accounting for long-term construction contracts.

Required:

1. Calculate the amount of gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations).

2.1: In the journal below, complete the necessary journal entries for the year 2013 (credit various accounts for construction costs incurred). (If no entry iis required for a particular transaction, then put "no journal entry required" in the first account field. Do not round intermediate calculations..

a. Record Construction Costs

b. Record Progress Billing

c. Record Cash Collections

d. Record Gross Profit.- Need Help Here!

2.2. : In the journal below, complete the necessary journal entries for the year 2014 (credit various accounts for construction costs incurred). (If no entry iis required for a particular transaction, then put "no journal entry required" in the first account field. Do not round intermediate calculations..

a.Record Construction Costs

b. Record Progress Billing

c. Record Cash Collections

d. Record Gross Profit- Need Help HERE!

2.3: : In the journal below, complete the necessary journal entries for the year 2015 (credit various accounts for construction costs incurred). (If no entry iis required for a particular transaction, then put "no journal entry required" in the first account field. Do not round intermediate calculations..

a. Record Construction Costs

b. Record Progress Billing

c. Record Cash Collections

d. Record Gross Profit- Need help HERE!

3. Complete the information required below to prepare a partial balance sheet for 2013 and 2014 showing any items related to the contract. (Do not round intermediate calculations)- NEED HELP HERE!!!

4. Calculate the amount of 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)- NEED HELP HERE!

- Costs incurred during the year: 2013- $2,460,000 2014-$3,830,000 2015-$3,260,000

-Estimated costs to complete as of year-end: 2013- $5,660,000 2014- $3,160,000 2015- $0

*- Gross Profit(loss) 2013- ? 2014- ? 2015- ?

5. Calculate the amount of gross profit (loss) to be recognized in each of the three yaers assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations).- NEED HELP HERE!

- Costs incurred during the year: 2013- $2,460,000 2014- $3,830,000 2015-$3,990,000

- Estimated costs to complete as of year-end: 2013- $5,660,000 2014- $4,160,000 2015- $0

*- Gross Profit (loss): 2013- ? 2014- ? 2015- ?

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