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In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa...

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Accounting

In 2018, the Westgate Construction Company entered into acontract to construct a road for Santa Clara County for$10,000,000. The road was completed in 2020. Information related tothe contract is as follows: 2018 2019 2020 Cost incurred during theyear $ 2,044,000 $ 2,628,000 $ 2,890,800 Estimated costs tocomplete as of year-end 5,256,000 2,628,000 0 Billings during theyear 2,170,000 2,502,000 5,328,000 Cash collections during the year1,885,000 2,600,000 5,515,000 Westgate recognizes revenue over timeaccording to percentage of completion. Required:

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Year 2018 Uptodate cost 2044000 Estimated cost 5256000 Total cost 2044000 5256000 7300000 Percentage of completion Uptodate cost Total cost 100 2044000 7300000 100 28 Amount of revenue Total contract price Rate of completion    See Answer
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