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LOOKING FOR THE ANSWER TO BALANCE SHEET QUESTION PLEASE. THANK YOU In 2024, the Westgate Construction Company entered into a contract to construct a road
LOOKING FOR THE ANSWER TO BALANCE SHEET QUESTION PLEASE. THANK YOU
In 2024, 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 2026. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year. Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: Current liabilities: 2024 2024 $ 2,400,000 5,600,000 2,000,000 1,800,000 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. 0 0 2025 $ 3,600,000 2,000,000 4,000,000 3,600,000 2025 0 2026 $ 2,200,000 0 0 4,000,000 4,600,000Step by Step Solution
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