4.) In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $1
Posted: Sun Jun 05, 2022 5:10 pm
4.) 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:
Westgate recognizes revenue over time according to percentage of
completion.
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.)
2021
2022
2023
Revenue
Gross Profit (loss)
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:
Westgate recognizes revenue over time according to percentage of
completion.
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.)
2021
2022
2023
Revenue
Gross Profit (loss)