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) 2024 2025 $ 2,542,000 $ 3,772,000 5,658,000 1,886,000 2,020,000 4,294,000 1,810,000 3,800,000 Current assets: 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. 2026 $ 2,074,600 2025 0 3,686,000 4,390,000
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) 2024 2025 $ 2,542,000 $ 3,772,000 5,658,000 1,886,000 2,020,000 4,294,000 1,810,000 3,800,000 Current assets: 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. 2026 $ 2,074,600 2025 0 3,686,000 4,390,000
Chapter3: Income Sources
Section: Chapter Questions
Problem 88P
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do this yeah pls
![Required information
[The following information applies to the questions displayed below.]
100
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:
MAR 1
8
A
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
< Prev
2024
$ 21542,000
5,658,000
2,020,000
1,810,000
63
zoom
0
3 4
2025
$ 3,772,000
1,886,000
of 5
4,294,000
3,800,000
2025
*********
...
........
0
2026
$ 2,074,600
Next >
0
3,686,000
4,390,000
W
Chec](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6abc4fc2-463a-447a-9e94-ac702a0ec0bc%2Fdec9d5ff-068c-44e4-a884-1b20223ac223%2Fu9oum3o_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
100
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:
MAR 1
8
A
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
< Prev
2024
$ 21542,000
5,658,000
2,020,000
1,810,000
63
zoom
0
3 4
2025
$ 3,772,000
1,886,000
of 5
4,294,000
3,800,000
2025
*********
...
........
0
2026
$ 2,074,600
Next >
0
3,686,000
4,390,000
W
Chec
![contract.
Note: Do not round intermediate calculations.
Balance Sheet (Partial)
Current assets:
Current liabilities:
lilled below to prepare a partial balance sheet for 2024 and 2025 showing an
MAR 1
8
A
2024
< Prev
63
0
zoom
0
S
3 4
of 5
O
2025
0
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6abc4fc2-463a-447a-9e94-ac702a0ec0bc%2Fdec9d5ff-068c-44e4-a884-1b20223ac223%2F8h8mrpa_processed.jpeg&w=3840&q=75)
Transcribed Image Text:contract.
Note: Do not round intermediate calculations.
Balance Sheet (Partial)
Current assets:
Current liabilities:
lilled below to prepare a partial balance sheet for 2024 and 2025 showing an
MAR 1
8
A
2024
< Prev
63
0
zoom
0
S
3 4
of 5
O
2025
0
Next >
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