Need some help on 1,3,4,5. having a tought time finding correct revenue.
Problem 6-11 (Static) Long-term contract; revenue recognition upon completion (LO6-9] 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 $2,200,00 Cost incurred during the year Estimated costs to complete as of year-end 811ings during the year Cash collections during the year 2021 2022 $2,400,000 $3,600,000 5,600,000 2,000,000 2,000,000 4,000,000 1,800,000 3,600,000 4,000,000 4,600,000 Assume that Westgate Construction's contract with Santa Clara County does not quality for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. 2-o.In the journal below.complete the necessary Journal entries for the year 2021 (credit "Various accounts for construction costs incurred) 2-b.In the journal below, complete the necessary Journal entries for the year 2022 (credit "Various accounts for construction costs incurred) 2.c. In the journal below, complete the necessary joumal entries for the year 2023 (credit "Various accounts for construction costs incurred) 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the Proy 1 of 2 !!! Next Saved Help Save & Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return contract 2-b.in the journal below.complete the necessary journal entries for the year 2022 (credit "Various accounts" tor construction costs incurred) 2-c. In the journal below.complete the necessary journal entries for the year 2023 (credit "Various accounts for construction costs incurred) 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the 4. Calcuiate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information Cost incurred during the year Estimated costs to complete as of year-end 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. 2021 52,400,000 5,600,000 2022 $3,800,000 3,100,000 2023 53,200,000 Cost incurred during the year Estimated costs to complete as of year-end 2021 52,400,000 5,600,000 2022 $3,800,000 4,100,000 2023 $3,900,000 0 Answer is not complete. Complete this question by entering your answers in the tabs below. Saved Check my work mode : This shows what is correct or incorrect for the wc Answer is not complet Complete this question by entering your answers in the tabs below Req 1 Req 2A Req 2B Req 2c Reg 3 Calculate the amount of revenue and gross profit (loss) to be recognized in e certain to enter "0" wherever required. Loss amounts should be indicated wit Revenue Gross profit (loss) 2021 $ 3.000.000 $ 600.000 2022 S 4.500.000 $ 900.000 $ 2023 2,500,000 300.000 Req 24 Pre 1 of 2 arch eck my work mode : This shows what is correct or incorrect for the work you have comple Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Reg 2B Req 20 Reg 3 Reg 4 Reg 5 Complete the information required below to prepare a partial balance sheet for 26zr and 2022 sho Reg 4 the contract. 2021 2022 $ 200,000 $ 600,000 Balance Sheet (Partial) Current assets: Accounts receivable Construction in progress Less: Billings Costs in excess of billings Current liabilities: Costs in excess of billings $ 3.000.000 2.000.000 $ 7.500.000 6.000.000 $ 1.000.000 $1,500,000 (400,000) Prey 1 of 2 Next > arch Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 2B Req 20 Reg 3 Req Calculate the amount of revenue and gross profit (loss) to be recognized in each of the information. (Leave no cells blank - be certain to enter "0" wherever required. Loss a sign.) 2023 Revenue 2021 2022 $ $ $ 3,000,000 3,666 667 $ $ 600,000 $ (133,333) $ $ 3,333,333 X Gross profit (loss) 133,333 X Prey 1 of 2
