Business, 15.10.2020 08:01 arianna2814
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 $2,610,000 $3,162,000 $2,230,800
Estimated costs to complete as of year-end 6,390,000 2,028,000 0
Billings during the year 2,100,000 3,672,000 4,228,000
Cash collections during the year 1,850,000 3,000,000 5,150,000
Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time.
Required:
a. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.
b. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract.
c. 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.
Answers: 2
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