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Problem 6-10(Algo) Long-term contract; revenue recognition over time [LO6-8,6-9] Skip to question [The...

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Accounting

Problem 6-10(Algo) Long-term contract; revenue recognition over time [LO6-8,6-9]
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[The following information applies to the questions displayed below.]
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:
202420252026
Cost incurred during the year $ 2,604,000 $ 4,032,000 $ 1,940,400
Estimated costs to complete as of year-end 5,796,0001,764,0000
Billings during the year 2,040,0004,596,0003,364,000
Cash collections during the year 1,820,0004,000,0004,180,000
Westgate recognizes revenue over time according to percentage of completion.
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