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| 2021 | 2022 | 2023 | |
| Contract Price (a) | 10000000 | 10000000 | 10000000 |
| Less: Estimated Cost | |||
| Costs incurred to date | 2016000 | 4824000 | 7437600 |
| Estimated costs to complete | 5184000 | 2376000 | 0 |
| Estimated total costs (b) | 7200000 | 7200000 | 7437600 |
| Estimated gross profit (a-b) | 2800000 | 2800000 | 2562400 |
| % of completion | 28.00% | 67.00% | 100.00% |
| (Cost incurred till date / Total costs) | |||
| Gross profit earned | 784000 | 1876000 | 2562400 |
| Less: Gross profit earned in previous year | 0 | 784000 | 784000 |
| Gross profit recognised | 784000 | 1092000 | 1778400 |
| Construction Revenue | 2800000 | 6700000 | 10000000 |
| Construction Revenue to be recognised over time | 2800000 | 6700000 | 7200000 |
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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...
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 $ 2,016,000 $ 2,808,000 $ 2,613,600 Estimated costs
to complete as of year-end 5,184,000 2,376,000 0 Billings during
the year 2,180,000 2,644,000 5,176,000 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: 2021 2022 2023 Cost incurred
during the year $ 2,016,000 $ 2,808,000 $ 2,613,600 Estimated costs
to complete as of year-end 5,184,000 2,376,000 0 Billings during
the year 2,180,000 2,644,000 5,176,000 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: 2021 2022 2023 Cost incurred
during the year $ 2,016,000 $ 2,808,000 $ 2,613,600 Estimated costs
to complete as of year-end 5,184,000 2,376,000 0 Billings during
the year 2,180,000 2,644,000 5,176,000 Cash collections during the...
Help The following information applies to the questions displayed below.) In 2021, the Westgate Construction Company...
Help 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 $2,613,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,016,000 5,184,000 2,180,000 1,890,000 2022 $2,808,000 2,376,000 2,644,000 2,500,000 5,176,000 5,610,000 Westgate...
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 $2,016,000 5,184,000 2,180,000 1,890,000 2022 $2,808,000 2,376,000 2,644,000 2,500,000 2023 $ 2,613,600 0...
Help In 2021, the Westgate Construction Company entered into a contract to construct a road for...
Help 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 $2,613,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,016,000 5,184,000 2,180,000 1,890,000 2022 $2,808,000 2,376,000 2,644,000 2,500,000 0 5,176,000 5,610,000 Westgate recognizes revenue over time according to percentage of...
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 $2,259,400 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,291,000 5,609,000 2,110,000 1,855,000 2022 $3,555,000 2,054,000 3,736,000 3,500,000 4,154,000 4,645,000...
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 $2,230, 800 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,610,000 6,390,000 2,100,000 1,850,000 2022 $3,162,000 2,028,000 3,672,000 3,000,000 4,228,000...
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 $ 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...
! Required information [The following information applies to the questions displayed below.] In 2021, the Westgate...
! 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 $2,008,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,490,000 5,810,000 2,030,000 1,815,000 2022 $3,984,000 1,826,000 4,444,000 3,900,000 3,526,000...
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: 2021 2022 2023 Cost incurred
during the year $ 2,016,000 $ 2,808,000 $ 2,613,600 Estimated costs
to complete as of year-end 5,184,000 2,376,000 0 Billings during
the year 2,180,000 2,644,000 5,176,000 Cash collections during the...
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 $ 2,016,000 $ 2,808,000 $ 2,613,600 Estimated costs
to complete as of year-end 5,184,000 2,376,000 0 Billings during
the year 2,180,000 2,644,000 5,176,000 Cash collections during the...
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 $ 2,016,000 $ 2,808,000 $ 2,613,600 Estimated costs
to complete as of year-end 5,184,000 2,376,000 0 Billings during
the year 2,180,000 2,644,000 5,176,000 Cash collections during the...
Help 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 $2,613,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,016,000 5,184,000 2,180,000 1,890,000 2022 $2,808,000 2,376,000 2,644,000 2,500,000 5,176,000 5,610,000 Westgate...
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 $2,016,000 5,184,000 2,180,000 1,890,000 2022 $2,808,000 2,376,000 2,644,000 2,500,000 2023 $ 2,613,600 0...
Help 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 $2,613,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,016,000 5,184,000 2,180,000 1,890,000 2022 $2,808,000 2,376,000 2,644,000 2,500,000 0 5,176,000 5,610,000 Westgate recognizes revenue over time according to percentage of...
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 $2,259,400 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,291,000 5,609,000 2,110,000 1,855,000 2022 $3,555,000 2,054,000 3,736,000 3,500,000 4,154,000 4,645,000...
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 $2,230, 800 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,610,000 6,390,000 2,100,000 1,850,000 2022 $3,162,000 2,028,000 3,672,000 3,000,000 4,228,000...
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...
! 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 $2,008,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,490,000 5,810,000 2,030,000 1,815,000 2022 $3,984,000 1,826,000 4,444,000 3,900,000 3,526,000...
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