5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the followin incurred and costs to complete information.
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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:
Cost incurred during the year
Estimated costs to complete as of year-end
Billings during the year
Cash collections during the year
Westgate recognizes revenue over time according to percentage of completion.
Costs incurred during the year
Estimated costs to complete as of year-end
2024
$ 2,204,000
5,396,000
Revenue
Gross profit (loss)
2024
2025
2,140,000
1,870,000
5. Calculate the amount of revenue and gross.profit (loss) to be recognized in each of the three years, assuming the followin
incurred and costs to complete information.
2025
$ 3,192,000
2,204,000
3,256,000
3,200,000
Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss am
should be indicated with a minus sign.
2024
$ 2,204,000
5,396,000
2026
2026
$ 2,424,400
0
2025
$ 3,870,000
4,240,000
4,604,000
4,930,000
2026
$ 4,110,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F38c4de76-dbc4-44e2-a15a-5e4c3ca49481%2Fa0eefba4-c150-41b8-9dfc-3b5208b226ef%2Fjt7cum_processed.jpeg&w=3840&q=75)
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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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Answer is complete and correct. 2024 $ 2,400,000 5,600,000 2,000,000 1,800,000 2024 $ 3,000,000 $ $ 600,000 $ 2025 2026 4,500,000 $ 2,500,000 900,000 $ 300,000 2025 $ 3,600,000 2,000,000 4,000,000 3,600,000 2026 $ 2,200,000 0 4,000,000 4,600,000Required information [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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) 2024 $ 2,184,000 5,616,000 2,120,000 1,860,000 2024 2025 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. Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus…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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Costs incurred during the year Estimated costs to complete as of year-end Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) 2022 2021 $2,184,000 $3,510,000 5,616,000 2,106,000 2021 2,120,000 1,860,000 2022 . Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs curred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest hole dollar amount. Loss amounts should be indicated with a minus sign.) 2021 $2,184,000 5,616,000 2023 2023 $2,316,600 3,574,000 4,306,000…
- help meIn 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: Problem 6-10 (Algo) Part 4 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) S 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. 2024 Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign. Answer is not complete. 2024 $ 2,184,000 5,616,000 2,120,000 1,860,000 2,800,000 2025 2025 $ 3,510,000…Required information [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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: Accounts receivable Construction in progress Less: Billings Cost of goods sold Current liabilities: Billings in excess of CIP 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. 2024 $ 0 2024 $ 2,184,000 5,616,000 2,120,000 1,860,000 0 2025 $ 3,510,000 2,106,000 3,574,000 3,400,000 0 2025 $ 0 0 2026 $ 2,316,600 0 0…
- 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: Cost Incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 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 2024 (credit "Cash, Materials, etc." for construction costs Incurred). 2-b. In the Journal below, complete the necessary Journal entries for the year 2025 (credit "Cash, Materials, etc." for construction costs Incurred). Cost Incurred during the year Estimated costs to complete as of year-end 2-c. In the Journal below, complete the necessary…Required Information [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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: Current liabilities: 2024 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. 0 2024 $ 2,523,000 6,177,000 2,070,000 1,835,000 0 2025 $ 3,177,000 1,800,000 3,630,000 3,400,000 2025 0 2026 $ 1,980,000 0 0 4,300,000 4,765,000In 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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 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 2024 (credit "Cash, Materials, etc." for construction costs incurred). 2024 $ 2,739,000 5,561,000 2,300,000 2,100,000 Cost incurred during the year Estimated costs to complete as of year-end 2025 $ 3,735,000 1,826,000 4,174,000 3,900,000 2024 $ 2,430,000 5,630,000 2-b. In the journal below, complete the necessary journal entries for the year…
- Required information [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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: 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. Current liabilities: 2024 2024 2025 2026 $ 2,604,000 $ 4,032,000 $ 1,940,400 5,796,000 1,764,000 2,040,000 4,596,000 1,820,000 4,000,000 0 0 2025 0 0 0 3,364,000 4,180,000Required information [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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: Accounts receivable Construction in progress Less: Billings CIP in excess of billings Current liabilities: Billings in excess of CIP 2024 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related contract. Note: Do not round intermediate calculations. 2,120,000 (2,120,000) 2024 $ 2,184,000 5,616,000 2,120,000 1,860,000 $ 2025 $ 3,510,000 2,106,000 3,574,000 3,400,000 0 2025 $ 0 0 2026…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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. Revenue Gross profit (loss) 2021 2022 $2,610,000 $3,162,000 6,390,000 2,028,000 2,100,000 1,850,000 2021 2022 Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2023 $2,230,800 2023 0 3,672,000 4,228,000 5,150,000 3,000,000