Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in 2018, the westgate construction company entered

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

50.1K

Verified Solution

Question

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:

Answer & Explanation Solved by verified expert
3.9 Ratings (470 Votes)
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
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Find the inverse of by hand. Use matrix multiplication to prove they are ...

Calculus
Q

On January 1, you enter a long gold futures contract at the settle price of 1250/oz....

Finance
Q

What do you think is the biggest advantage of choosing a related-samples t-test over an independent-samples...

Statistics
Q

Please type or submit a PDF document so that I am able to legibly understand the...

Medical Sciences
Q

Agree or disagree with each of the following statements and provide a short explanation. Arnold wanted to...

Basic Math
Q

25. please answer all questions round to 4 decimal places A firm is considering replacing the...

Finance
Q

2R 30 A cubical block of side a and density p slides over a fixed...

Physics
Q

Explain parts 1, 2, 3, 4. Correct answers are already given. ...

Accounting
Q

In the audit of cash, analytical procedures would normally be sufficient Group of answer choices...

Accounting
Q

My Question: Thunderduck Custom Tables, Inc. Income...

Accounting
Q

Problem 9-1A Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following...

Accounting
Q

Jasper Company has sales on account and for cash. Specifically, 62% of its sales are...

Accounting