RevenueGross profit (loss)> Answer is complete but not entirely correct.2021202220232,800,000 $3,043,521 $4,156,479700,000 $ (831,479) * $$$31,479 X [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 yearEstimated costs to complete as of year-endBillings during the yearCash collections during the year20212022$2,100,000 $3,150,0005,400,000 2,250,0002,150,000 3,100,0001,875,000 3,100,000Westgate recognizes revenue over time according to percentage of completion.Costs incurred during the yearEstimated costs to complete as of year-end2021$2,100,0005,400,0002023$2,475,0005. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costsincurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearestwhole dollar amount. Loss amounts should be indicated with a minus sign.)2022$3,875,0004,250,00004,750,0005,025,0002023$4, 125,0000

Under percentage of completion method, revenue is recognized based on % of completion during the…

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 2021 2022 $2,100,000 $3,150,000 Westgate recognizes revenue over time according to percentage of completion. osts incurred during the year stimated costs to complete as of year-end 5,400,000 2,250,000 2,150,000 3,100,000 4,750,000 1,875,000 3,100,000 5,025,000 2023 $2,475,000 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following co urred and costs to complete information. (Do not round intermediate calculations and round your final answers to the near ole dollar amount. Loss amounts should be indicated with a minus sign.) 2021 $2,100,000 5,400,000 2022 $3,875,000 4,250,000 0 2023 $4,125,000

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 2021 2022 $2,100,000 $3,150,000 Westgate recognizes revenue over time according to percentage of completion. osts incurred during the year stimated costs to complete as of year-end 5,400,000 2,250,000 2,150,000 3,100,000 4,750,000 1,875,000 3,100,000 5,025,000 2023 $2,475,000 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following co urred and costs to complete information. (Do not round intermediate calculations and round your final answers to the near ole dollar amount. Loss amounts should be indicated with a minus sign.) 2021 $2,100,000 5,400,000 2022 $3,875,000 4,250,000 0 2023 $4,125,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 1, 2021, the company obtained a $3 million loan with a 10% interest rate. The building was completed on September 30, 2022. Expenditures on the project were as follows: January 1, 2021 March 1, 2021 June 30, 2021 October 1, 2021 January 31, 2022 April 30, 2022 August 31, 2022 On January 1, 2021, the company obtained a $3 million construction loan with a 10% interest rate. Assume the $3 million loan is not specifically tied to construction of the building. The loan was outstanding all of 2021 and 2022. The company's other interest-bearing debt included two long-term notes of $4,400,000 and $6,400,000 with interest rates of 8% and 10%, respectively. Both notes were outstanding during all of 2021 and 2022. Interest is paid annually on all debt. The company's fiscal year-end is December 31. $1,300,000 720,000 340,000 640,000 450,000 765,000 1,260,000 Required: 1. Calculate the amount of interest that Mason should capitalize in 2021 and 2022 using the weighted-average method. 2.…
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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: 2026 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2024 $ 2,624,000 5,576,000 2,200,000 2025 $ 3,690,000 1,886,000 4,114,000 $ 2,074,600 3,686,000 2,000,000 3,800,000 4,200,000 Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Cost incurred during the year Estimated costs to complete as of year-end 2024 $ 2,420,000 5,620,000 2025 2026 $ 3,810,000 3,120,000 $ 3,220,000 в 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. 2024 2025 2026 Cost incurred during the year Estimated costs to complete as of…
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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. 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. $ $ 2024 3,000,000 $ 510,000 $ 2025 2024 $ 2,490,000 5,810,000 2,030,000 1,815,000 8,342,000 $ 2,358,000 $ 2026 2025 $ 3,984,000 1,826,000 4,444,000 3,900,000 1,658,000 -350,600 2026 $ 2,008,600 0 3,526,000 4,285,000
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