Required information The following information applies to the questions displayed below) In 2018, the Westgate Construction...

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Answer 1

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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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Answer 2

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