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I have tried to answer these nothing is working out! One question with 5 parts but I have posted 3.. 4 Required information [The following
I have tried to answer these nothing is working out! One question with 5 parts but I have posted 3..
4 Required information [The following information applies to the questions displayed below., In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for Part 3 of 5 $10,000,000. The road was completed in 2020. Information related to the contract is as follows: 10 points 2018 2019 $2,100,000 $2,450,000 $2,695,000 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 4,900,000 2,450, 000 2,200,000 2,350,000 5,450,000 1,900,000 2,300,000 5, 800,000 Westgate recognizes revenue over time according to percentage of completion. 3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract. (Do not round intermediate calculations.) Answer is not complete Balance Sheet (Partial) 2018 2019 Current assets: Accounts receivable Construction in progress Less: Billings Costs and profit in excess of billings Current liabilities: 1,900,000 4,400,000 5 Required information [The following information applies to the questions displayed below., In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for Part 4 of5 $10,000,000. The road was completed in 2020. Information related to the contract is as follows: 10 points 2019 $2,100,000 $2,450,000 $2,695,000 2,450,000 2,200,000 2,350,000 5,450,000 1,900,000 2,300,000 5, 800,000 2018 2020 Cost incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 4,900,000 as of year-end 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.) 2019 $2,100,000 $3,900,000 $3, 300,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year-en 4,900,000 ,200,000 Answer is not complete 2018 2019 2020 Revenue 3,000,0005,493,000 900,0007 50,000 Gross profit loss 6 Required information [The following information applies to the questions displayed below., In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for Part 5 of 5 $10,000,000. The road was completed in 2020. Information related to the contract is as follows: 10 points 2019 $2,100,000 $2,450,000 $2,695,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Skipped 4,900,000 2,450, 000 2,200,000 2,350,000 5,450,000 1,900,000 2,300,000 5, 800,000 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.) 2020 2019 $2,100,000 $3,900,000 $4,200,000 4,300,000 2018 Cost incurred during the year Estimated costs to complete as of year-end 4,900,000 2018 2019 2020 Revenue Gross profit (loss)Step by Step Solution
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