Required information 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: 1031 2023 Costered during the year $2.490.000 33,364.000 03.008.600 stimated costs to oploss of year-end 5, 110.000 1.126.000 0111ing during the year 2.030.000 4,444,000 3.525.000 Cash collection during the year 1,515,000 3.900.000 4,205.000 Westgate recognizes revenue over time according to percentage of completion Required: 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 2022 2023 Revenue Gross profit (s) Required information 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 2022. Information related to the contract is as follows: Cet inwering the year anted topite of year-end BIL during the year Cash collections during the year 32.490,000 5.810,oo 2.030,000 1.815.000 31. 14.000 1.426.000 4.000 3.500.000 1031 $2.000,00 . 3,526,000 4,500 Westgate recognizes revenue over time according to percentage of completion 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round Intermediate calculations.) 2021 2022 Balance Sheet (Part Current asset 0 Current abilities Required information 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: 1031 2023 Costered during the year $2.490.000 33,364.000 03.008.600 stimated costs to oploss of year-end 5, 110.000 1.126.000 0111ing during the year 2.030.000 4,444,000 3.525.000 Cash collection during the year 1,515,000 3.900.000 4,205.000 Westgate recognizes revenue over time according to percentage of completion Required: 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 2022 2023 Revenue Gross profit (s) Required information 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 2022. Information related to the contract is as follows: Cet inwering the year anted topite of year-end BIL during the year Cash collections during the year 32.490,000 5.810,oo 2.030,000 1.815.000 31. 14.000 1.426.000 4.000 3.500.000 1031 $2.000,00 . 3,526,000 4,500 Westgate recognizes revenue over time according to percentage of completion 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round Intermediate calculations.) 2021 2022 Balance Sheet (Part Current asset 0 Current abilities
