Homework Answers
Part 3
|
Balance Sheet (Partial) |
2018 |
2019 |
||
|
Current assets: |
||||
|
Accounts receivable |
200000 |
600000 |
||
|
Construction in progress |
3000000 |
7500000 |
||
|
Less: Billings |
(2000000) |
(6000000) |
||
|
Costs and profit in excess of billings |
1000000 |
1500000 |
||
|
Current liabilities: |
Construction in progress 2018 = 2400000/(2400000+5600000)*100000000 = 3000000
Construction in progress 2019 = (3600000+2400000)/(2400000+3600000+2000000)*10000000 = 7500000
Accounts receivable 2018 = 2000000 -1800000 = 200000
Accounts receivable 2019 = (2000000+4000000)-(1800000+3600000) = 600000
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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...
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...
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 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: 2021 2022 2023 Cost incurred during the year $ 2,400,000 $ 3,600,000 $ 2,200,000 Estimated costs to complete as of year-end 5,600,000 2,000,000 0 Billings during the year 2,000,000 4,000,000 4,000,000 Cash collections during the...
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: 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 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: 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...
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...
Question Three: In 2016, the Westgate Construction Company entered into a contract to construct a road...
Question Three: In 2016, the Westgate Construction Company entered into a contract to construct a road for Santa Clara Countyfor $10,000,000. The road was completed in 201 contract is as follows: 8. Information related to the 2018 2016 2,400,000 3,600,000 2,200,00 5,600,000 2,000,000 4,000,000 4,000,000 ,800,000 3,600,000 4,600,000 2017 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2,000,000 Westgate recognizes revenue over time according to percentage of...
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 2019 $2,542,000 $3,772,000 $2,074,600 1,886,000 2,020,000 4,294,0003,686,000 1,810,000 3,800,000 4,390,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,658,000 Westgate...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa...
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 $ 2,400,000 $ 3,600,000 $ 2,200,000 Estimated costs to complete as of year-end 5,600,000 2,000,000 0 Billings during the year 2,000,000 4,000,000 4,000,000 Cash collections during the year 1,800,000 3,600,000 4,600,000 Westgate recognizes revenue over time according to...
The following information applies to the questions displayed below In 2018, the Westgate Construction Company entered...
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: 2019 $2,542,000 3,772,000 $2,074,600 1, 886,000 2,020,000 ,294,000 3,686,000 1,810,000 3, 800,000 4,390,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,658,000...
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...
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 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 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: 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...
Question Three: In 2016, the Westgate Construction Company entered into a contract to construct a road for Santa Clara Countyfor $10,000,000. The road was completed in 201 contract is as follows: 8. Information related to the 2018 2016 2,400,000 3,600,000 2,200,00 5,600,000 2,000,000 4,000,000 4,000,000 ,800,000 3,600,000 4,600,000 2017 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2,000,000 Westgate recognizes revenue over time according to percentage of...
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 2019 $2,542,000 $3,772,000 $2,074,600 1,886,000 2,020,000 4,294,0003,686,000 1,810,000 3,800,000 4,390,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,658,000 Westgate...
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: 2019 $2,542,000 3,772,000 $2,074,600 1, 886,000 2,020,000 ,294,000 3,686,000 1,810,000 3, 800,000 4,390,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,658,000...
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