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Required information [The following information applies to the questions displayed below.] In 2018, the Westgate Construction3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to

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Partial balancesheet 2018 2019
Current assets
Accounts recievable $    230,000.00 $     362,000.00
Construction in progress $ 3,000,000.00 $ 7,700,000.00
less: billings $ 2,060,000.00 $ 6,622,000.00
$    940,000.00 $ 1,078,000.00
Current liabilities
Payables $ 3,000,000.00 $ 4,562,000.00

working note

Degree of completion 30% 77%
Revenue =total contract value x percentage completed
$ 3,000,000.00 $ 7,700,000.00
less: Costs incurred $ 2,580,000.00 $ 6,622,000.00
Profit $    420,000.00 $ 1,078,000.00
Less: profit already recongnized   $    420,000.00
Profit for year $    420,000.00 $    658,000.00
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