- Required Information The Following Information Applies To The Questions Displayed Below In 2021 The Westgate Construc 1 (33.63 KiB) Viewed 24 times
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 rood 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 $2,156,000 5,544,000 2,130,000 1,865,000 2022 2023 $3,388,000 $2,371,600 2,156,000 @ 3,414,000 4,456,000 3,300,000 4,835,000 Westgate recognizes revenue over time according to percentage of completion 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.) 2021 2022 2023 Revenue Gross profit (los)