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Please help with all req 1 - req 5. blems Help Save & En Chec Construction Company entered into a contract to construct a road
Please help with all req 1 - req 5.
blems Help Save & En Chec 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: Cost incurred during the year Estinated costs to complete as of year-end 5,6s,00 2,414,000 Billings during the year Cash collections during the year $1,491,000 $3,195,00$2,655,409 1,100,00e ,586,000 5, 314,000 900,069 2,700,0006,4,09 Westgate Construction uses the completed contract method of accounting for long-term construction contracts Required 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years 2-a. In the journal below, complete the necessary journal entries for the year 2018 (credit "Various accounts for construction costs incurred) 2-b. In the journal below, complete the necessary jounal entries for the year 2019 (credit Various accounts' for construction costs 2-c. In the journal below, complete the necessary journal entries for the year 2020 (credit Various accounts for construction costs incurred incurred) 3. Complete the information required below to prepare a partial balance sheet contract 2018 and 2019 showing any items rela ted to the f revenue and gross profit (loss) to be recognized in each of the three years assuming the folawing costs incurred and costs to complete informationStep by Step Solution
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