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Need help on this please In 2016, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000.
Need help on this please
In 2016, 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 2018. Information related to the contract is as follows: 2016 2017 2018 Cost incurred during the year $2,640,000 $2,300,000 $2,926,000 Estimated costs to complete as of year-end 6,160,000 2,660,000 2,080,000 2,860,000 5,060,000 Billings during the year Cash collections during the year 1,840,000 2,800,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion. Required: 1. 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.) 2016 2017 2018 Revenue Gross profit (loss)Step by Step Solution
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