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My gross profits are wrong, I'm just stuck Check my work [The following information applies to the questions displayed below.] In 2018, the Westgate Construction
My gross profits are wrong, I'm just stuck
Check my work [The following information applies to the questions displayed below.] In 2018, 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 2020. Information related to the contract is as follows 2019 $2,550,000 $4,250,000 $1,870,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,950,000 1,700,000 2,050,000 1,825,000 4,750,000 4,100,000 3,200,000 4,075, 000 Westgate recognizes revenue over time according to percentage of completion equired . Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate alculations. Loss amounts should be indicated with a minus sign.) 2018 2019 2020 Revenue Gross profit (loss) 1,275,000 1,500,000 1.330,000Step by Step Solution
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