Answer
2021 |
2022 |
||
Revenue |
$ 3,000,000.00 |
$ 3,042,166 |
$ 3,957,834 |
Gross Profit (Loss) |
$ 510,000.00 |
$ (945,000.00) |
$ 185,000.00 |
--Working
Working |
2021 |
2022 |
2023 |
|
A |
Contract Price |
$ 10,000,000.00 |
$ 10,000,000.00 |
$ 10,000,000.00 |
B |
Cost Incurred to Date |
$ 2,490,000.00 |
$ 6,305,000.00 |
$ 10,250,000.00 |
C |
Estimated cost yet to be incurred to complete the contract |
$ 5,810,000.00 |
$ 4,130,000.00 |
$ - |
D = B+C |
Total Cost |
$ 8,300,000.00 |
$ 10,435,000.00 |
$ 10,250,000.00 |
E = (B/D) x 100 |
% of Completion |
30.00% |
60.42% |
100.00% |
F = A x E |
Revenue to date |
$ 3,000,000.00 |
$ 6,042,165.79 |
$ 10,000,000.00 |
G |
Revenue of Previous year |
$ - |
$ 3,000,000.00 |
$ 6,042,165.79 |
H = F - G |
Net Revenue this year |
$ 3,000,000.00 |
$ 3,042,165.79 |
$ 3,957,834.21 |
I (=B) |
Cost to date |
$ 2,490,000.00 |
$ 6,305,000.00 |
$ 10,250,000.00 |
J |
Cost to date of previous year |
$ - |
$ 2,490,000.00 |
$ 6,305,000.00 |
K = I - J |
Net Cost for the year |
$ 2,490,000.00 |
$ 3,815,000.00 |
$ 3,945,000.00 |
L = A - D |
Estimated Gross Profit (Loss) |
$ 1,700,000.00 |
$ (435,000.00) |
$ (250,000.00) |
M |
Gross Profit (Loss) to be recognised |
$ 510,000.00 |
$ (945,000.00) |
$ 185,000.00 |
Required information [The following information applies to the questions displayed below.] In 2021, the Westgate Construction...
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: 2021 2022 2023 Cost incurred
during the year $ 2,016,000 $ 2,808,000 $ 2,613,600 Estimated costs
to complete as of year-end 5,184,000 2,376,000 0 Billings during
the year 2,180,000 2,644,000 5,176,000 Cash collections during the...
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 2021 $2, 640,000 6,160,000 2,080,000 1, 840,000 2022 $2,300,000 2,660,000 2,860,000 2,800,000 2023...
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: 2023 $1,940,400 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,604,000 5,796,000 2,040,000 1, 820, 000 2022 $4,032,000 1,764,000 4,596,000 4,000,000...
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:
2021
2022
2023
Cost incurred during the year
$
2,604,000
$
4,032,000
$
1,940,400
Estimated costs to complete as of year-end
5,796,000
1,764,000
0
Billings during the year
2,040,000
4,596,000
3,364,000
Cash collections during the...
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:
2021
2022
2023
Cost incurred during the year
$
2,604,000
$
4,032,000
$
1,940,400
Estimated costs to complete as of year-end
5,796,000
1,764,000
0
Billings during the year
2,040,000
4,596,000
3,364,000
Cash collections during the...
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:
2021
2022
2023
Cost incurred during the year
$
2,604,000
$
4,032,000
$
1,940,400
Estimated costs to complete as of year-end
5,796,000
1,764,000
0
Billings during the year
2,040,000
4,596,000
3,364,000
Cash collections during the...
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: 2023 $2,230, 800 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,610,000 6,390,000 2,100,000 1,850,000 2022 $3,162,000 2,028,000 3,672,000 3,000,000 4,228,000...
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: 2023 $2,175,800 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,580,000 6,020,000 2,060,000 1,830,000 2022 $4,042,000 1,978,000 4,562,000 4,200,000 3,378,000 3,970,000...
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: 2021 2022 2023 Cost incurred
during the year $ 2,016,000 $ 2,808,000 $ 2,613,600 Estimated costs
to complete as of year-end 5,184,000 2,376,000 0 Billings during
the year 2,180,000 2,644,000 5,176,000 Cash collections during the...
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 2021 $2,400,000 5,600,000 2,000,000 1,800,000 2022 2023 $3,600,000 $2,200,000 2,000,000 0 4,000,000 4,000,000 3,600,000...