Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. required information {the following information ap

Required information {The following information applies to the questions displayed below) In 2021, the Westgate...

80.2K

Verified Solution

Question

Accounting

image
Required information {The following information applies to the questions displayed below) 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 2021 2022 Cost incurred during the year $2,550,000 $4,250,000 $1,870,000 Estimated costs to complete as of year-end 5,950,000 1,700,000 Billings during the year 2,050,000 4,750,000 3,200,000 Cash collections during the year 1,025,000 4,100,000 4,075,000 2023 Westgate recognizes revenue over time according to percentage of completion 4. Calculate the amount of revenue and gross profit (oss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information (Do not found intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) Costs incurred during the year Estimated costs to complete as of year-end 2021 2022 21123 $2,550,000 $3,825,000 $3,225,000 5,950,000 3,125,000 2021 2022 2023 Revenue Gross profit (los)

Answer & Explanation Solved by verified expert
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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

9 Simplify D 2 6 24 using imaginary unit iz B none of the D...

Statistics
1.2K views

Using R Studio Use the two iid samples. (You can copy and paste the code into R)....

Physics
1.2K views

A hollow cylinder made of thermally insulating material is equipped with a horizontal piston P...

Basic Math
1.2K views

Strawberry Fields has 28 of variable costs and 12 of allocated fixed costs to produce...

Calculus
1.2K views

The quantity of oxygen that can dissolve in water depends on the temperature of the...

Algebra
1.2K views

Use the exponential growth model A Apekt to find the time it takes a population...

Algebra
1.2K views

2 4 Simplify the expression 16 161 2 Simplify the expression 93 1 2 2...

Accounting
1.2K views

The following expenditures and receipts are related to land, land improvements, and buildings acquired for...

Accounting
1.2K views

What is wrong with the formula =VLOOKUP(A7,A1:C7,3) in cell B7? Check all that you believe...

Finance
1.2K views

Which of the following statements is true regarding insurance market conditions and underwriting results?

Accounting
1.2K views

B. What is the amount of the gain recognized on the home sale in 201...

Accounting
1.2K views

On April 1, 2019, Metlock Corp. purchased new machinery for $445500. The machinery has an...