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 $2,581,000 $2,347,000 $3,049,200 Estimated costs to complete as of year-end 6,319,000 2,772,000 0 Billings during the year 2,090,000 2,838,000 5,072,000 Cash collections during the year 1,845,000 2,900,000 5,255,000 Westgate recognizes revenue over time according to percentage of completion. 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: _________ ____________ _________ _________ _____________________________ __________ ___________ _________ __________ _____________________________ ----------------- ------------------ ---------------- ----------------- _____________________________ __________ ___________ __________ __________ _____________________________ __________ __________0_ __________ ________0 Current liabilities: __________ ____________ __________ __________ _____________________________ __________ ____________ __________ __________
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 $2,581,000 $2,347,000 $3,049,200
Estimated costs to complete as of year-end 6,319,000 2,772,000 0
Billings during the year 2,090,000 2,838,000 5,072,000
Cash collections during the year 1,845,000 2,900,000 5,255,000
Westgate recognizes revenue over time according to percentage of completion.
- 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: _________ ____________ _________ _________
_____________________________ __________ ___________ _________ __________
_____________________________ ----------------- ------------------ ---------------- -----------------
_____________________________ __________ ___________ __________ __________
_____________________________ __________ __________0_ __________ ________0
Current liabilities: __________ ____________ __________ __________
_____________________________ __________ ____________ __________ __________
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