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In 2 0 2 4 , the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $ 1
In the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $ The road was completed in Information related to the contract is as follows:
Cost incurred during the year
: $
: $
: $
Estimated costs to complete as of yearend
: $
: $
: $
Billings during the year
: $
: $
: $
Cash collections during the year
: $
: $
: $
Westgate recognizes revenue over time according to percentage of completion. 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.
Note: 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.
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