In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa...
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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: 2024 2025 2026 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year $ 2,542,000 5,658,000 2,020,000 Cash collections during the year 1,810,000 $ 3,772,000 1,886,000 4,294,000 3,800,000 $ 2,074,600 3,686,000 4,390,000 Westgate recognizes revenue over time according to percentage of completion. 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract Note: Do not round intermediate calculations. Balance Sheet (Partial) Current assets: Accounts receivable Construction in progress Less: Billings CIP in excess of billings Current liabilities: 2024 0 2025 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 2025 2026 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year $ 2,542,000 5,658,000 2,020,000 Cash collections during the year 1,810,000 $ 3,772,000 1,886,000 4,294,000 3,800,000 $ 2,074,600 3,686,000 4,390,000 Westgate recognizes revenue over time according to percentage of completion. 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract Note: Do not round intermediate calculations. Balance Sheet (Partial) Current assets: Accounts receivable Construction in progress Less: Billings CIP in excess of billings Current liabilities: 2024 0 2025
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