5.) 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 8:34 pm
5.) 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.
5. 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
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.
5. 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