Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

urgent plz olued HW 1 Saved Help (The following information applies to the questions displayed below.) In 2021, the Westgate Construction Company entered into a

image text in transcribed

urgent plz

olued HW 1 Saved Help (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: of 5 cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,604,000 5,796,000 2,040,000 1,820,000 2023 $1,940,400 2022 $4,032,000 1,764,000 4,596,000 4,000,000 3,364,000 4,180,000 gok Westgate recognizes revenue over time according to percentage of completion. ences 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each 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 minus sign.) Costs incurred during the year Estimated costs to complete as of year-end 2021 $2,604,000 5,796,000 2022 $3,820,000 3,120,000 2023 $3,220,000 2021 2022 2023 Revenue Gross profit (loss)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

18th Edition

9781119790976

Students also viewed these Accounting questions

Question

113. Prove Theorem 12.6.4.

Answered: 1 week ago