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 percentage of
completion.
2-a. In the journal below, complete the
necessary journal entries for the year 2021 (credit "Various
accounts" for construction costs incurred).
2-b. In the journal below, complete the necessary
journal entries for the year 2022 (credit "Various accounts" for
construction costs incurred).
2-c. In the journal below, complete the necessary
journal entries for the year 2023 (credit "Various accounts" for
construction costs incurred).
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: 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 $3,600,000 2,000,000 4,000,000 3,600,000 2023 $2,200,000 0 4,000,000 4,600,000 Assume that Westgate Construction's contract with Santa Clara County does...
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 $2,200,000 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 $3,600,000 2,000,000 4,000,000 3,600,000 4,000,000 4,600,000 Assume that Westgate Construction's contract with Santa Clara County does not...
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 $ 1,584,000 $ 3,240,000 $ 2,613,600 Estimated costs to complete as of year-end 5,616,000 2,376,000 0 Billings during the year 1,200,000 3,624,000 5,176,000 Cash collections during the year 1,000,000 2,800,000 6,200,000 Assume that Westgate Construction’s contract with 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 $ 2,291,000 $ 3,555,000 $ 2,259,400 Estimated costs to complete as of year-end 5,609,000 2,054,000 0 Billings during the year 1,900,000 3,946,000 4,154,000 Cash collections during the year 1,700,000 3,500,000 4,800,000 Assume that Westgate Construction’s contract with 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 $ 3,471,000 $ 4,005,000 $ 1,566,400 Estimated costs to complete as of year-end 5,429,000 1,424,000 0 Billings during the year 2,900,000 4,576,000 2,524,000 Cash collections during the year 2,700,000 4,500,000 2,800,000 Assume that Westgate Construction’s contract with 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: 2823 $2,475,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $1,875, eee 5.625.000 1,5ee,eee 1,3ee,eee 2022 $3,375,000 2.25e,eee 3,75e,eee 3,100,eee 4,750,000 5,600,000 Assume that Westgate Construction's contract with Santa Clara County does not qualify...
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 $ 2,975,000 $ 3,825,000 $ 1,870,000 Estimated costs to complete as of year-end 5,525,000 1,700,000 0 Billings during the year 2,500,000 4,300,000 3,200,000 Cash collections during the year 2,300,000 4,100,000 3,600,000 Assume that Westgate Construction’s contract with Santa...
MHE Reader construction in progress balance sheet connect - Google Search In 2018, The Westgate Con Saved Help 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...
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 $2,849, eee Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,072,00 5,328,000 2,160, eee 1,880, eee 2022 $2,738,000 2,590,000 2,650, eee 2,700,eee 5,190, eee 5,420, eee Westgate recognizes revenue over time...
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: 2018 2019 2020 Cost incurred during the year $ 2,100,000 $ 2,450,000 $ 2,695,000 Estimated costs to complete as of year-end 4,900,000 2,450,000 0 Billings during the year 2,200,000 2,350,000 5,450,000 Cash collections during the year 1,900,000 2,300,000 5,800,000 Westgate recognizes revenue over time according to...