Question
Required information Skip to question [The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into a contract to
Required information
Skip to question
[The following information applies to the questions displayed below.] 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:
|
| 2021 | 2022 | 2023 | ||||||
| Cost incurred during the year | $ | 2,204,000 |
| $ | 3,192,000 |
| $ | 2,424,400 |
|
| Estimated costs to complete as of year-end |
| 5,396,000 |
|
| 2,204,000 |
|
| 0 |
|
| Billings during the year |
| 2,140,000 |
|
| 3,256,000 |
|
| 4,604,000 |
|
| Cash collections during the year |
| 1,870,000 |
|
| 3,200,000 |
|
| 4,930,000 |
|
Westgate recognizes revenue over time according to percentage of completion.
Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2021 Revenue ???
2021 Gross profit (loss) ???
2022 Revenue ???
2022 Gross profit (loss) ???
2023 Revenue ???
2023 Gross profit (loss) ???
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The Clinical Audit In Pharmaceutical Development
Authors: Michael Hamrell
1st Edition
0367399334, 978-0367399337
