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In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000

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2021 2022 2023
Revenue $             3,000,000 $        3,693,206 $            3,306,794
Gross profit $               510,000 $        (121,794) $                  91,794

Working

Working 2021 2022 2023
A Contract Price $ 10,000,000 $ 10,000,000 $ 10,000,000
B Cost Incurred to Date $ 2,490,000 $ 6,305,000 $ 9,520,000
C Estimated cost yet to be incurred to complete the contract $ 5,810,000 $ 3,115,000 $ 0
D = B+C Total Cost $ 8,300,000 $ 9,420,000 $ 9,520,000
E = (D/B) x 100 % of Completion 30% 67% 100%
F = A x E Revenue to date $ 3,000,000 $ 6,693,206 $ 10,000,000
G Revenue of Previous year $ 0 $ 3,000,000 $ 6,693,206
H = F - G Net Revenue this year $ 3,000,000 $ 3,693,206 $ 3,306,794
I Cost to date $ 2,490,000 $ 6,305,000 $ 9,520,000
J Cost to date of previous year $ 0 $ 2,490,000 $ 6,305,000
K = I - J Net Cost for the year $ 2,490,000 $ 3,815,000 $ 3,215,000
L = H - K Gross Profits $ 510,000 -$ 1,21,794 $ 91,794
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