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I only got 2021 of part 1 right. In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara
I only got 2021 of part 1 right.
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 Cost incurred during the year $2,550,000 $4,250,000 $1,870,000 Estimated costs to complete as of year-end 5,950,000 Billings during the year 1,700,000 0 2,050,000 4,750,000 3,200,000 Cash collections during the year 1, 825,000 4,100,000 4,075,000 Westgate recognizes revenue over time according to percentage of completion Problem 6-10 (Algo) Part 1 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.) S Revenue Gross proft (los) 2021 3.000.000 $ 450.000 s 2022 3,057,0075 -767.993 s 2023 3,942,993 -32,007 S Problem 6-10 (Algo) Part 3 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.) Balance Sheet (Partial) Current assets 2021 2022 0 Current liabilities
I only got 2021 of part 1 right.
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