Answer
2021 |
2022 |
2023 |
|
Revenue |
$ 2,900,000.00 |
$ 3,160,038 |
$ 3,939,962 |
Gross Profit (Loss) |
$ 290,000.00 |
$ (950,000.00) |
$ 150,000.00 |
Working |
2021 |
2022 |
2023 |
|
A |
Contract Price |
$ 10,000,000.00 |
$ 10,000,000.00 |
$ 10,000,000.00 |
B |
Cost Incurred to Date |
$ 2,610,000.00 |
$ 6,460,000.00 |
$ 10,510,000.00 |
C |
Estimated cost yet to be incurred to complete the contract |
$ 6,390,000.00 |
$ 4,200,000.00 |
$ - |
D = B+C |
Total Cost |
$ 9,000,000.00 |
$ 10,660,000.00 |
$ 10,510,000.00 |
E = (B/D) x 100 |
% of Completion |
29.00% |
60.60% |
100.00% |
F = A x E |
Revenue to date |
$ 2,900,000.00 |
$ 6,060,037.52 |
$ 10,000,000.00 |
G |
Revenue of Previous year |
$ - |
$ 2,900,000.00 |
$ 6,060,037.52 |
H = F - G |
Net Revenue this year |
$ 2,900,000.00 |
$ 3,160,037.52 |
$ 3,939,962.48 |
I (=B) |
Cost to date |
$ 2,610,000.00 |
$ 6,460,000.00 |
$ 10,510,000.00 |
J |
Cost to date of previous year |
$ - |
$ 2,610,000.00 |
$ 6,460,000.00 |
K = I - J |
Net Cost for the year |
$ 2,610,000.00 |
$ 3,850,000.00 |
$ 4,050,000.00 |
L = A - D |
Estimated Gross Profit (Loss) |
$ 1,000,000.00 |
$ (660,000.00) |
$ (510,000.00) |
M |
Gross Profit (Loss) to be recognised |
$ 290,000.00 |
$ (950,000.00) |
$ 150,000.00 |
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: 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: 2021 2022 2023 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,610,000 6,390,000 2,100,000 1,850,000 $3,162,000 2,028,000 3,672,000 3,000,000 $2,230,800 4,228,000 5,150,000...
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:
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 $2,175,800 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: 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...
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: 2023 $2,259,400 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,291,000 5,609,000 2,110,000 1,855,000 2022 $3,555,000 2,054,000 3,736,000 3,500,000 4,154,000 4,645,000...