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In 2024, the Westgate Construction Company entered into a contract to construct a road for...

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Accounting

In 2024, 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 2026. Information related to the contract is as follows: 2024 $ 2,581,000 6,319,000 2,090,000 1,845,000 2025 $ 2,347,000 2,772,000 2,838,000 2,900,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. 2026 $ 3,049,200 0 5,072,000 5,255,000
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In 2024, 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 2026 . Information related to the contract is as follows: Westgate recognizes revenue over time according to percentage of completion

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