In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,00
Posted: Sun Jun 05, 2022 8:31 pm
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
2021
$2,100,000 5,400,000 2,150,000 1,875,000
2022
$3,150, 000 2,250,000 3,100,000 3,100,000
2023
$2,475, 000 4,750,000 5,025, 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. (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 during the year
Estimated costs to complete as of year-end
2021
$2,100,000
5,400,000
2022
$3,875,000
3,175,000
2023
$3,275,000
Revenue
S
Gross profit (loss)
$
2021
2,800,000
700.000
2022
2023
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: 2022 2023 Cost incurred during the year 5 2021 $2,100,000 $3,150,000 $2,475,000 5,400,000 2,250,000 0 Estimated costs to complete as of year-end Billings during the year 2,150,000 3,100,000 4,750,000 3,100,000 Cash collections during the year 1,875,000 5,025,000 Westgate recognizes revenue over time according to percentage of completion. 08:19 ok ht 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. (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.) inces 2021 2022 2023 Costs incurred during the year Estimated costs to complete as of year-end $2,100,000 $3,875,000 $3,275,000. 5,400,000 3,175,000 0 2021 2022 2023 Revenue 2,800,000 Gross profit (loss) 700,000 $ $
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
2021
$2,100,000 5,400,000 2,150,000 1,875,000
2022
$3,150, 000 2,250,000 3,100,000 3,100,000
2023
$2,475, 000 4,750,000 5,025, 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. (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 during the year
Estimated costs to complete as of year-end
2021
$2,100,000
5,400,000
2022
$3,875,000
3,175,000
2023
$3,275,000
Revenue
S
Gross profit (loss)
$
2021
2,800,000
700.000
2022
2023
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: 2022 2023 Cost incurred during the year 5 2021 $2,100,000 $3,150,000 $2,475,000 5,400,000 2,250,000 0 Estimated costs to complete as of year-end Billings during the year 2,150,000 3,100,000 4,750,000 3,100,000 Cash collections during the year 1,875,000 5,025,000 Westgate recognizes revenue over time according to percentage of completion. 08:19 ok ht 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. (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.) inces 2021 2022 2023 Costs incurred during the year Estimated costs to complete as of year-end $2,100,000 $3,875,000 $3,275,000. 5,400,000 3,175,000 0 2021 2022 2023 Revenue 2,800,000 Gross profit (loss) 700,000 $ $