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My answers for 2022 are wrong Required information [The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into
My answers for 2022 are wrong
Required information [The following information applies to the questions displayed below.] 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: 2023 $3,049,200 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,581,000 6,319,000 2,090,000 1,845,000 2022 $2,347,000 2,772,000 2,838,000 2,900,000 5,072,000 5,255,000 Westgate recognizes revenue over time according to percentage of completion. 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) 2021 2022 Current assets: $ 245,000 $ 0 $ 2,581,000 $ Accounts receivable Construction in progress Less: Billings Costs and profit in excess of billings Current liabilities: 4,928,000 4,928,000 2,090,000 491,000 0 $ 0 $ 0Step by Step Solution
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