Solution 5:
Computation of % of completion, revenue recognition and Gross Profit - Westgate Construction Company | |||||||||
Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) | % of completion (D) (B/C) |
Contract Price (E) |
Total Revenue to be recoganized (F) (E * D) | Revenue for current period (G) | Gross Profit (H) | |
2018 | $2,072,000 | $2,072,000 | $7,400,000 | 28.00% | $10,000,000 | $2,800,000 | $2,800,000 | $728,000 | $2,800,000 - $2,072,000 |
2019 | $3,880,000 | $5,952,000 | $10,212,000 | 58.28% | $10,000,000 | $5,828,437 | $3,028,437 | -$940,000 | $10,000,000-$10,212,000 - $728,000 |
2020 | $4,140,000 | $10,092,000 | $10,092,000 | 100.00% | $10,000,000 | $10,000,000 | $4,171,563 | $120,000 | $10,000,000-$10,092,000 - $728,000 + $940,000 |
Required information [The following information applies to the questions displayed below.) Part 5 of 5 In...
Required information [The following information applies to the questions displayed below] In 2018, 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 2020. Information related to the contract is as follows: 2018 2019 2020 Cost incurred during the year $2,072,000 $2,738,000 2,590, 000 2,650, 000 $2,849,000 Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,328,000 2,160,000 1,880,000 0...
Required information [The following information applies to the questions displayed below] Pert 3 of 5 In 2018, 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 2020. Information related to the contract is as follows: polnts 2018 2019 2020 $2,072,000 5,328, 000 2,160,000 1,880,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the ye ar Cash collections during the year...
Required information [The following information applies to the questions displayed below.] In 2018, the Westgate Construction Company entered intoo a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2020. Information related to the contract is as follows: 2018 2019 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $4,032,000 1,764,000 4,596,000 4,000,000 $2,604,000 5,796,000 2,040,000 1,820,000 $1,940,400 3,364,000 4,180,000...
Required information (The following information applies to the questions displayed below.] In 2018, 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 2020. Information related to the contract is as follows: 2020 $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 2018 $ 2,604,000 5,796,000 2,040,000 1,820,000 2019 $4,032,000 1,764,000 4,596,000 4,000,000 3,364,000...
! Required information [The following information applies to the questions displayed below.] In 2018, 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 2020. Information related to the contract is as follows: 2020 $1,940,400 2018 $2,604,000 5,796,000 2,040,000 1,820,000 2019 $4,032,000 1,764,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 4,596,000 4,000,000 3,364,000...
Required information [The following information applies to the questions displayed below.] In 2018, 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 2020. 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 2018 $2,580,000 6,020,000 2,060,000 1,830,000 2019 $4,042,000 1,978,000 4,562,000 4,200,000 2020 $2,175,800 0 3,378,000...
0 Required information The following information applies to the questions displayed below In 2018, 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 2020. Information related to the contract is as follows: 2020 2019 $2,542,000 $3,772,000 $2,074,600 1,886, 000 2,020,000 4,294,000 3,686,000 1,810,000 3,800,000 4,390,000 2018 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the...
0 Required information The following information applies to the questions displayed below In 2018, 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 2020. Information related to the contract is as follows: 2020 2019 $2,542,000 $3,772,000 $2,074,600 1,886, 000 2,020,000 4,294,000 3,686,000 1,810,000 3,800,000 4,390,000 2018 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the...
Required information (The following information applies to the questions displayed below.) In 2018, 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 2020. Information related to the contract is as follows: 2020 $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 2018 $2,604,000 5,796,000 2,040,000 1,820,000 2019 $4,032,000 1,764,000 4,596,000 4,000,000 3,364,000 4,180,000...
Required information The following information applies to the questions displayed below) In 2018, 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 2020. Information related to the contract is as follows: 2020 $2,200,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2018 $2,400,000 5,600,000 2,000,000 1,800,000 2019 $3,600,000 2.000.000 4,000,000 3,600,000 4.000.000 4.600.000...