Question
In 2023 the Westgate Construction Company entered into a contract to construct a road for Santa Carla county for $10000000 the road was completed in
In 2023 the Westgate Construction Company entered into a contract to construct a road for Santa Carla county for $10000000 the road was completed in 2026 information is as follows
| 2024 | 2025 | 2026 | |
| Cost incurred during the year | 2542000 | 3772000 | 2074600 |
| Estimated costs to complete as of year end | 5658000 | 1886000 | 0 |
| Billings during the year | 2020000 | 4294000 | 3686000 |
| Cash collection during the year | 1810000 | 3800000 | 4390000 |
Calculate the amount of revenue and gross profit to be recognized in each of the three years Do not round intermediate calculations. Loss amounts should be indicated with a minus sign
| 2024 | 2025 | 2026 | |
| Revenue | 3100000 | ||
| Gross profit | 558000 |
Can someone show me how to work this problem?
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Accounting What the Numbers Mean
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele
10th edition
9780077515904, 007802529X, 77515900, 978-0078025297
