- Neque The Following Information Applies To The Questions Displayed Below In 2021 The Westgate Construction Company En 1 (44.35 KiB) Viewed 55 times
neque [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 2021 $2,550,000 5,950,000 2022 $4,250,000 1,700,000 2023 $1,870,000 0 Estimated costs to complete as of year-end Billings during the year 2,050,000 4,750,000 3,200,000 Cash collections during the year 1,825,000 4,100,000 4,075,000 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 (loss)