Sheffield Construction, Inc. experienced the following construction activity in 2021, the first year of operations. Cash Billings Collections Costs Estimated Total Contract Through Through Incurred Through Additional Costs to Contract Price 12/31/21 12/31/21 12/31/21 X Y Z Complete $265,000 $175,000 $160,000 $192,000 335,000 120,000 120,000 110,000 238,000 238,000 208,000 168,000 $838,000 $533,000 $488,000 $470,000 Each of the above contracts is with a different customer, and any work remaining at December 31, 2021 is expected to be completed in 2022. $ 68,000 257,000 -0- $325,000 Prepare a partial income statement to indicate how the above contract information would be reported. Sheffield uses the completed-contract method. Sheffield Construction, Inc. Partial Income Statement For the Year 2021 Prepare a partial balance sheet to indicate how the above contract information would be reported. Sheffield uses the completed-contract method. (List Current Assets in order of liquidity.) Prepare a partial balance sheet to indicate how the above contract information would be reported. Sheffield uses the completed-contract method. (List Current Assets in order of liquidity.) Sheffield Construction, Inc. Partial Balance Sheet As of 12/31/18 | [[

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 $ 3,344,000     $ 3,960,000     $ 1,645,600   Estimated costs to complete as of year-end   5,456,000       1,496,000       0   Billings during the year   2,800,000       4,504,000       2,696,000   Cash collections during the year   2,600,000       4,400,000       3,000,000      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 2021 (credit "Various accounts" for construction costs incurred).2-b. In the journal below, complete the necessary journal entries…

During 2020, Grouper Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available.     2020   2021   2022 Costs incurred to date   $370,000   $869,790   $1,080,000 Estimated costs to complete   630,000   231,210   –0– Billings to date   302,000   900,000   1,590,000 Collections to date   267,000   804,000   1,415,000 (a)     Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020   $enter a dollar amount Gross profit recognized in 2021   $enter a dollar amount Gross profit recognized in 2022   $enter a dollar amount

During 2023, Sunland Company started a construction job with a contract price of $1,792,000. The job was completed in 2025. The following information is available. The contract is non-cancellable. Costs incurred to date Estimated costs to complete Billings to date (non-refundable) Collections to date (a) 2023 2024 $448,000 $924,000 672,000 336,000 1,008,000 907,200 302.400 308,000 0000 2025 $1,198,400 0 1,792,000 1,596,000 Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) nont ROOF

Explain clearly

Answer is $1,800,000. Please explain the reasoning and calculations

During 2020, Teal Company started a construction job with a contract price of $1,620,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $393,900 $889,380 $1,061,000 Estimated costs to complete 616,100 208,620 -0- Billings to date 303,000 902,000 1,620,000 Collections to date 273,000 814,000 1,418,000 (a) Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ Gross profit recognized in 2021 $ Gross profit recognized in 2022 %24 %24