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 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,640,000 6,160, 000 2,080,000 1,840,000 $2,300,000 2,660,000 2,860,000 2,800,000 $2,926,000 5,060,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion. 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round intermediate calculations.) Balance Sheet (Partial) 2021 2022 Current assets: Accounts receivable Construction in progress Less: Billings Costs and profit in excess of billings Current liabilities: Accounts payable 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 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,640,000 6,160, 000 2,080,000 1,840,000 $2,300,000 2,660,000 2,860,000 2,800,000 $2,926,000 5,060,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion. 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round intermediate calculations.) Balance Sheet (Partial) 2021 2022 Current assets: Accounts receivable Construction in progress Less: Billings Costs and profit in excess of billings Current liabilities: Accounts payable
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson, Wayne Thomas
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