Question 3 (17 points) Listen In 2013, 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 2015. Information related to the contract is as follows (keep your decimals during the calcuation): 2013 2014 2015 Cost incurred during the year $2.500.000 $3,800,000 $2,000,000 Estimated costs to complete as of year-end 5,700,000 2,200,000 0 Billings during the year 2,100,000 4,200,000 3,700,000 1.900,000 3,800,000 4,300,000 Cash collections during the year MacBook Air Requirement 1(17 points): Calculate the amount of gross profit to be recgonized in each of the three years under the method of percentage of completion and the mothod of completed contract. Contract price $10,000,000 $10,000,000 $10,000,000 Estimated costs to complete as of year-end 1) 2) Total estimated costs 5) Estimated gross profit (loss) (actual in 2015) 7) 8) 9) Gross profit recognized: Percentage of completion Completed contract Gross profit recognized: Percentage of completion Completed contract 2013 10) 11) 2014 12) 13) 2015 14) 15) Total gross profit 16) 17) Blank # 1 Blank # 2 Blank #3 N Blank #4 Blank # 5 Blank # 6 AM Blank #7 Blank #8 A/ Blank #7 A Blank #8 Blank #9 Blank #10 Blank # 11 Blank # 12 Blank # 13 Blank # 14 Blank # 15 Blank # 16 Blank # 17 Previous Page Next Page Page 3 of 13