![Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time (LO6-8, 6-9] [The following inform](http://img.homeworklib.com/questions/e77a4860-74ca-11ea-9ca8-f7f0811a79d7.png?x-oss-process=image/resize,w_560)
Homework Answers
1)
| 2021 | 2022 | 2023 | |
| cost incurred till date [A] | 2580000 | 2580000+4042000= 6622000 | 6622000+2175800= 8797800 |
| Estimated cost to complete | 6020000 | 1978000 | 0 |
| Total cost to complete [B] | 8600000 | 8600000 | 8797800 |
| % of completion |
2580000/8600000 .30 or 30% |
6622000/8600000 .77 or 77% |
8797800/8797800 100% |
| 2021 | 2022 | 2023 | |
| Revenue recognized till date | 10,000,000*30%= 3000000 | 10000000*77%= 7700000 | 10000000*100%=10000000 |
| less:Revenue recognized in prior year | 0 | -3000000 | -7700000 |
| Revenue to be recognized in current period (ans 1) | 3,000,000 | 4700000 | 2300000 |
| Current period cost | -2580000 | -4042000 | -2175800 |
| Gross profit / (loss) (Ans 2) | 420000 | 658000 | 124200 |
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Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time (LO6-8, 6-9] [The following information...
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 $2,175,800 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...
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...
The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered...
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 $ 2,580,000 $ 4,042,000 $ 2,175,800 Estimated costs to complete as of year-end 6,020,000 1,978,000 0 Billings during the year 2,060,000 4,562,000 3,378,000 Cash collections during the year 1,830,000...
[The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered...
[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 $ 2,580,000 $ 4,042,000 $ 2,175,800 Estimated costs to complete as of year-end 6,020,000 1,978,000 0 Billings during the year 2,060,000 4,562,000 3,378,000 Cash collections during the year 1,830,000...
[The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered...
[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 $ 2,580,000 $ 4,042,000 $ 2,175,800 Estimated costs to complete as of year-end 6,020,000 1,978,000 0 Billings during the year 2,060,000 4,562,000 3,378,000 Cash collections during the year 1,830,000...
[The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered...
[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 $ 2,580,000 $ 4,042,000 $ 2,175,800 Estimated costs to complete as of year-end 6,020,000 1,978,000 0 Billings during the year 2,060,000 4,562,000 3,378,000 Cash collections during the year 1,830,000...
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: 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...
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 Problem 6-10 (Algo) Long-term contract; revenue recognition over time (LO6-8, 6-9) [The following information...
Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time (LO6-8, 6-9) [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...
Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time (LO6-8, 6-9] (The following information...
Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time (LO6-8, 6-9] (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 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...
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 $2,175,800 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 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: 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 Problem 6-10 (Algo) Long-term contract; revenue recognition over time (LO6-8, 6-9) [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...
Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time (LO6-8, 6-9] (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 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...
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