In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa...
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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 2023 $ 3,600,000 5,400,000 3,000,000 2,800,000 $ 4,050,000 1,350,000 4,650,000 4,600,000 $ 1,485,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2,350,000 2,600,000 Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. 2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred). 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. 2021 $2,500,000 5,700,000 2022 2023 Cost incurred during the year Estimated costs to complete as of year-end $3,850,000 3,200,000 $3,300,000 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. 2021 2022 2023 Cost incurred during the year Estimated costs to complete as of year-end $2,500,000 5,700, 000 $3,850,000 4, 200,000 $4,050,000 Cost incurred during the year Estimated costs to complete as of year-end 2021 $2,500, 000 5,700, 000 2022 $3,850,000 4,200,000 2023 $4, 050, 000 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Req 20 Req 3 Req 4 Req 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue Gross profit (loss) Req 2A > < Prev 7 of 7 Next arch 99+ EPTODIE Seved Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 28 Reg 20 Req 3 Req 4 Reg 5 Is In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Dipoed View transaction list Book Journal entry worksheet Print 3 Record the construction costs. erences Note: Enter debits before credits. Date General Joumal Debit Credit 2021 View general journal Record entry Clear entry < Prev 7 of 7 Next pter 6 Problems cation.com/252Fmghmiddlewar Complete this question by entering your answers in the tabs below. Req 1 Req 2A Reg 28 Reg 20 Reg 3 Reg 4 Reg 5 In the journal below, complete the necessary journal entries for the year 2022 (credit Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No jourmal entry required" in the first account field.) apped View transaction list Book Journal entry worksheet 2 3 4 Record the construction costs. rences Note: Enter debits before credits. Date General Jouumal Debit Credit 2022 Record entry Clear entry View general journai < Prev 7 of 7 Next Saved Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Reg 20 Reg 3 Reg 4 Reg 5 ponits In the journal below, cormplete the necessary journal entries for the year 2023 (eredit "Various accounts" for construction costs incurred) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Skipped View transaction list Elook Journal entry worksheet Print 3 Record the construction costs. References Note: Enter debits before credits. Date General Joumal Debit Credit 2023 Record entry Clear entry View general journal Mc Graw Hil < Prev 7 of 7 Next 2022 $3,850,000 4,200, 000 2021 Cost incurred during the year Estimated costs to complete as of year-end $2,500, 000 5,700, 000 2023 $4,850, e00 Complete this question by entering your answers in the tabs below. ipped Req 1 Req 2A Req 28 Reg 20 Req 3 Req 4 Req 5 Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. eBook Balance Sheet (Partial) 2021 2022 Current assets Print fererices 24 Current liabilities: < Req 20 Req 4 > 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the folle incurred and costs to complete information. ipped 2021 $2,500, 000 5,700, 000 2022 $3,850, 000 4,200, 000 2023 Cost incurred during the year Estimated costs to complete as of year-end $4,050, 000 Воok Complete this question by entering your answers in the tabs below. Print Req 1 Req 2A Req 28 Req 20 Req 3 Req 4 Req 5 erences Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minu sign.) 2021 2022 2023 Revenue Gross profit (loss) < Req 3 Req 5 > < Prev 7 of 7 Next 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the f incurred and costs to complete information. nts Skipped 2021 $2,500, 000 5,700,000 2022 $3,850, 000 4,200, 000 2023 Cost incurred during the year Estimated costs to complete as of year-end $4,050, e00 eflook Complete this question by entering your answers in the tabs below. Print Req 1 Req 2A Req 28 Req 20 Req 3 Req 4 Req 5 eferences Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a mi sign.) 2021 2022 2023 Revenue Gross profit (loss) < Req 4 Reb> < Prev 7 of 7 曲 Next 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 2023 $ 3,600,000 5,400,000 3,000,000 2,800,000 $ 4,050,000 1,350,000 4,650,000 4,600,000 $ 1,485,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2,350,000 2,600,000 Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. 2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred). 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. 2021 $2,500,000 5,700,000 2022 2023 Cost incurred during the year Estimated costs to complete as of year-end $3,850,000 3,200,000 $3,300,000 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. 2021 2022 2023 Cost incurred during the year Estimated costs to complete as of year-end $2,500,000 5,700, 000 $3,850,000 4, 200,000 $4,050,000 Cost incurred during the year Estimated costs to complete as of year-end 2021 $2,500, 000 5,700, 000 2022 $3,850,000 4,200,000 2023 $4, 050, 000 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Req 20 Req 3 Req 4 Req 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue Gross profit (loss) Req 2A > < Prev 7 of 7 Next arch 99+ EPTODIE Seved Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 28 Reg 20 Req 3 Req 4 Reg 5 Is In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Dipoed View transaction list Book Journal entry worksheet Print 3 Record the construction costs. erences Note: Enter debits before credits. Date General Joumal Debit Credit 2021 View general journal Record entry Clear entry < Prev 7 of 7 Next pter 6 Problems cation.com/252Fmghmiddlewar Complete this question by entering your answers in the tabs below. Req 1 Req 2A Reg 28 Reg 20 Reg 3 Reg 4 Reg 5 In the journal below, complete the necessary journal entries for the year 2022 (credit Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No jourmal entry required" in the first account field.) apped View transaction list Book Journal entry worksheet 2 3 4 Record the construction costs. rences Note: Enter debits before credits. Date General Jouumal Debit Credit 2022 Record entry Clear entry View general journai < Prev 7 of 7 Next Saved Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Reg 20 Reg 3 Reg 4 Reg 5 ponits In the journal below, cormplete the necessary journal entries for the year 2023 (eredit "Various accounts" for construction costs incurred) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Skipped View transaction list Elook Journal entry worksheet Print 3 Record the construction costs. References Note: Enter debits before credits. Date General Joumal Debit Credit 2023 Record entry Clear entry View general journal Mc Graw Hil < Prev 7 of 7 Next 2022 $3,850,000 4,200, 000 2021 Cost incurred during the year Estimated costs to complete as of year-end $2,500, 000 5,700, 000 2023 $4,850, e00 Complete this question by entering your answers in the tabs below. ipped Req 1 Req 2A Req 28 Reg 20 Req 3 Req 4 Req 5 Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. eBook Balance Sheet (Partial) 2021 2022 Current assets Print fererices 24 Current liabilities: < Req 20 Req 4 > 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the folle incurred and costs to complete information. ipped 2021 $2,500, 000 5,700, 000 2022 $3,850, 000 4,200, 000 2023 Cost incurred during the year Estimated costs to complete as of year-end $4,050, 000 Воok Complete this question by entering your answers in the tabs below. Print Req 1 Req 2A Req 28 Req 20 Req 3 Req 4 Req 5 erences Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minu sign.) 2021 2022 2023 Revenue Gross profit (loss) < Req 3 Req 5 > < Prev 7 of 7 Next 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the f incurred and costs to complete information. nts Skipped 2021 $2,500, 000 5,700,000 2022 $3,850, 000 4,200, 000 2023 Cost incurred during the year Estimated costs to complete as of year-end $4,050, e00 eflook Complete this question by entering your answers in the tabs below. Print Req 1 Req 2A Req 28 Req 20 Req 3 Req 4 Req 5 eferences Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a mi sign.) 2021 2022 2023 Revenue Gross profit (loss) < Req 4 Reb> < Prev 7 of 7 曲 Next
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson, Wayne Thomas
Posted Date:
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