Help with this question, please thanks much. 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 yearEstimated costs to complete as of year-endBillings during the yearCash collections during the yearWestgate recognizes revenue over time according to percentage of completion.Balance Sheet (Partial)Current assets:20212022$2,640,000 $2,300,0006,160,000 2,660,0002,080,000 2,860,0001,840,000 2,800,0003. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to thecontract. (Do not round intermediate calculations.)Current liabilities:202102023$2,926,00020225,060,0005,360,0000

Balance Sheet - The assets, liabilities, and shareholder equity of an organization are listed on a…

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 C $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 2022 $2,640,000 $2,300,000 6,160,000 2,660,000 2,080,000 2,860,000 5,060,000 1,840,000 2,800,000 5,360,000 2023 $2,926,000

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 C $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 2022 $2,640,000 $2,300,000 6,160,000 2,660,000 2,080,000 2,860,000 5,060,000 1,840,000 2,800,000 5,360,000 2023 $2,926,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 10C

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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 Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) 2021 2022 $2,610,000 $3,162,000 6,390,000 2,028,000 2,100,000 1,850,000 2021 2022 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.) 2023 $2,230,800 2023 0 3,672,000 4,228,000 5,150,000 3,000,000
Required information [The following information applies to the questions displayed below.] In 2024, 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 2026. 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 Westgate recognizes revenue over time according to percentage of completion. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) 2024 $ 2,184,000 5,616,000 2,120,000 1,860,000 2024 2025 5. 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. Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus…
Required information [The following information applies to the questions displayed below.] In 2024, 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 2026. 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 Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) 2024 2024 2025 $ 2,550,000 $4,250,000 5,950,000 2,050,000 1,825,000 Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. 2025 2026 1,700,000 4,750,000 4,100,000 2026 $1,870,000 8 3,200,000 4,075,000
Required information [The following information applies to the questions displayed below.] In 2024, 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 2026. 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 Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: Accounts receivable Construction in progress Less: Billings Cost of goods sold Current liabilities: Billings in excess of CIP 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. 2024 $ 0 2024 $ 2,184,000 5,616,000 2,120,000 1,860,000 0 2025 $ 3,510,000 2,106,000 3,574,000 3,400,000 0 2025 $ 0 0 2026 $ 2,316,600 0 0…
Required Information [The following information applies to the questions displayed below.] In 2024, 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 2026. 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 Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: Current liabilities: 2024 3. Complete the Information required below to prepare a partial balance sheet for 2024 and 2025 showing any Items related to the contract Note: Do not round Intermediate calculations. 0 2024 $ 2,523,000 6,177,000 2,070,000 1,835,000 0 2025 $ 3,177,000 1,800,000 3,630,000 3,400,000 2025 0 2026 $ 1,980,000 0 0 4,300,000 4,765,000
Required information [The following information applies to the questions displayed below.] In 2024, 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 2026. 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 Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. Current liabilities: 2024 2024 2025 2026 $ 2,604,000 $ 4,032,000 $ 1,940,400 5,796,000 1,764,000 2,040,000 4,596,000 1,820,000 4,000,000 0 0 2025 0 0 0 3,364,000 4,180,000
Required information [The following information applies to the questions displayed below.] In 2024, 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 2026. 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 Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: Accounts receivable Construction in progress Less: Billings CIP in excess of billings Current liabilities: Billings in excess of CIP 2024 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related contract. Note: Do not round intermediate calculations. 2,120,000 (2,120,000) 2024 $ 2,184,000 5,616,000 2,120,000 1,860,000 $ 2025 $ 3,510,000 2,106,000 3,574,000 3,400,000 0 2025 $ 0 0 2026…
In 2024, 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 2026. 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 Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Answer is complete and correct. 2024 $ 2,400,000 5,600,000 2,000,000 1,800,000 2024 $ 3,000,000 $ $ 600,000 $ 2025 2026 4,500,000 $ 2,500,000 900,000 $ 300,000 2025 $ 3,600,000 2,000,000 4,000,000 3,600,000 2026 $ 2,200,000 0 4,000,000 4,600,000
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 Costs incurred during the year Estimated costs to complete as of year-end Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) 2022 2021 $2,184,000 $3,510,000 5,616,000 2,106,000 2021 2,120,000 1,860,000 2022 . Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs curred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest hole dollar amount. Loss amounts should be indicated with a minus sign.) 2021 $2,184,000 5,616,000 2023 2023 $2,316,600 3,574,000 4,306,000…
! Required information [The following information applies to the questions displayed below.] In 2024, 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 2026. 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 Westgate recognizes revenue over time according to percentage of completion. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) 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. $ $ Note: 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. 2024 2025 $ 2,400,000 $ 3,600,000 5,600,000…
Required information [The following information applies to the questions displayed below.] In 2024, 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 2026. 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 2024 $ 2,604,000 5,796,000 2,040,000 2025 $ 4,032,000 1,764,000 4,596,000 2026 $ 1,940,400 0 3,364,000 Cash collections during the year 1,820,000 4,000,000 4,180,000 Westgate recognizes revenue over time according to percentage of completion. 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. Note: 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…