Solution
2018 | 2019 | 2020 | |
Revenue | $ 2,900,000 | $ 3,707,892 | $ 3,392,108 |
Gross profit | $ 609,000 | $ (147,108) | $ 137,108 |
Working
Working | 2018 | 2019 | 2020 | |
A | Contract Price | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 |
B | Cost Incurred to Date | $ 2,291,000 | $ 6,146,000 | $ 9,401,000 |
C | Estimated cost yet to be incurred to complete the contract | $ 5,609,000 | $ 3,155,000 | $ 0 |
D = B+C | Total Cost | $ 7,900,000 | $ 9,301,000 | $ 9,401,000 |
E = (D/B) x 100 | % of Completion | 29% | 66% | 100% |
F = A x E | Revenue to date | $ 2,900,000 | $ 6,607,892 | $ 10,000,000 |
G | Revenue of Previous year | $ 0 | $ 2,900,000 | $ 6,607,892 |
H = F - G | Net Revenue this year | $ 2,900,000 | $ 3,707,892 | $ 3,392,108 |
I | Cost to date | $ 2,291,000 | $ 6,146,000 | $ 9,401,000 |
J | Cost to date of previous year | $ 0 | $ 2,291,000 | $ 6,146,000 |
K = I - J | Net Cost for the year | $ 2,291,000 | $ 3,855,000 | $ 3,255,000 |
L = H - K | Gross Profits | $ 609,000 | -$ 147,108 | $ 137,108 |
Required information [The following information applies to the questions displayed below.) In 2018, the Westgate Construction...
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, 291, 000 $3, 555, 000 2, 054, 000 3, 736, 000 $2, 259, 400 Estimated costs to complete as of year-end Billings during the year Cash...
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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 belowj 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 $2, 100, 000 4, 900, 000 2, 200, 000 1, 900, 000 2019 2020 2, 450, 000 $2, 695, 000 Cost incurred during the year Estimated costs to complete as of year-end Billings during...
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...
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...
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.j 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 2019 $2,490,000 $3,984,000 $2,008,600 1,826,000 2,030,000 4,444,000 3,526,000 3,900,000 2018 5,810,000 1,815,000 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 4,285,000...
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