Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,640,000 6,160,000 2,080,000 1,840, eee 2022 $2,300,000 2,660,000 2,860,000 2,800,000 2023 $2,926,000 e 5,060,000 5,360,000 Westgate recognizes revenue over une according to percentage of completion Required: 1. Calculate the amount of revenue and gross profit floss to be recognized in each of the three years. (Do not round Intermediate calculations. Loss amounts should be indicated with a minus olgn.) 2022 2023 5 Revenue Go profit 2021 3.000.000 350.000 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: 2023 $2,926,800 cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,64, ce 6,160,000 2,888,888 1,840,000 2022 $2,300,00 2,660,000 2,860,000 2,800,000 5.260,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion 2-e nane journal below.complete the necessary Journal entiles for the year 2021 credit Various accounts for construction costs 2.b. in the journal below.complete the necessary joumal entries for the year 2022 (credit "Various accounts for construction costs 2.Consejomalbelow.complete the necessory Journal entries for the year 2023 credit Various accounts for construction costs TUTTE Complete this question by entering your answers in the tabs below. Fe 2+ Reg 2 Reg 20 In the mal welow complete the necessary Journal entries foc the year 2021 (Credit "Verlous accounts for construction costs correo educed for transactio eventeelted in the first account fold 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: 2023 $2,926,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,640,000 6,160,000 2,880,000 1,940,000 2022 $2,300,000 2,660,000 2,860, eee 2,800,000 5,060,000 5,360,000 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 S 240.000 $300.000 $ Balance Sheet (Partial Current assets TAccounts recevable construction in progress Le Blings costs and princess of billings Teutas Cena process of billings $ 3.000.000 2.080.000 8.500 000 4 940 000 920.000 1.560.000 5 300 000 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 2023 Information related to the contract is as follows: Cost Incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2821 $2,640,000 6,160,000 2,880,000 1,840,000 2022 $2,300,888 2,660,000 2,860,000 2,800,000 2023 $2,926,000 a 5,860,000 5,360,003 Vestgate recognizes revenue over time according to percentage of completion 4. Colectate the ansount of revenue and gross profit doss) to be recognized in each of the three years assuming the following costs med and costs to complete information (Do not round Intermediate calculations and round your final answers to the nearest whole dollar amount Loss amounts should be indicated with a minus alga. 2922 2020 53,340,000 $3,240,00 140,00 @ $2,648,000 8,160,200 sed caring the sear sted costs to complete as of year-end 2022 2023 2021 3,000 000 360 000 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: 2823 $2,926,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,640,000 6,160, 800 2,080, 280 1,840,000 2022 $2,300,000 2,660,000 2,869,800 2,800,000 5,060, 088 5,360,000 Westgate recognizes revenue over time according to percentage of completion 5. Calculate the amount of revenue and gross profit to be recognerinesch of the three years assuming the following costs incurred and costs to complete Information (Do not round Intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minos sign) 2821 $2AD,000 5.260.000 Costs incurred during the year Estimated costs to complete as of year-end 2022 53,840,000 4,190.000 2023 $4,020,00 2021 2022 2023 Do pronto

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bank Strategy, Governance And Ratings

Authors: P. Molyneux

3rd Edition

0230313345, 9780230313347

More Books

Students also viewed these Accounting questions

Question

6.57 Find a zo such that a. P(zzo) 0.9750 b. P(zzo) 0.3594

Answered: 1 week ago