Answer
2021 |
2022 |
2023 |
|
Revenue |
$2,900,000 |
$2,912,183 |
$4,187,817 |
Gross Profit (Loss) |
$841,000 |
($1,085,000) |
$105,000 |
--Working
Working |
2021 |
2022 |
2023 |
|
A |
Contract Price |
$10,000,000 |
$10,000,000 |
$10,000,000 |
B |
Cost Incurred to Date |
$2,059,000 |
$5,954,000 |
$10,139,000 |
C |
Estimated cost yet to be incurred to complete the contract |
$5,041,000 |
$4,290,000 |
$0 |
D = B+C |
Total Cost |
$7,100,000 |
$10,244,000 |
$10,139,000 |
E = (B/D) x 100 |
% of Completion |
29.00% |
58.12% |
100.00% |
F = A x E |
Revenue to date |
$2,900,000 |
$5,812,183 |
$10,000,000 |
G |
Revenue of Previous year |
$0 |
$2,900,000 |
$5,812,183 |
H = F - G |
Net Revenue this year |
$2,900,000 |
$2,912,183 |
$4,187,817 |
I (=B) |
Cost to date |
$2,059,000 |
$5,954,000 |
$10,139,000 |
J |
Cost to date of previous year |
$0 |
$2,059,000 |
$5,954,000 |
K = I - J |
Net Cost for the year |
$2,059,000 |
$3,895,000 |
$4,185,000 |
L = A - D |
Estimated Gross Profit (Loss) |
$2,900,000 |
($244,000) |
($139,000) |
M |
Gross Profit (Loss) to be recognised |
$841,000 |
($1,085,000) |
$105,000 |
2021 |
2022 |
2023 |
|
Revenue |
$2,900,000 |
$2,912,183 |
$4,187,817 |
Gross Profits (Loss) |
$841,000 |
($982,817) |
$2,817 |
Working |
2021 |
2022 |
2023 |
|
A |
Contract Price |
$10,000,000 |
$10,000,000 |
$10,000,000 |
B |
Cost Incurred to Date |
$2,059,000 |
$5,954,000 |
$10,139,000 |
C |
Estimated cost yet to be incurred to complete the contract |
$5,041,000 |
$4,290,000 |
$0 |
D = B+C |
Total Cost |
$7,100,000 |
$10,244,000 |
$10,139,000 |
E = (B/D) x 100 |
% of Completion |
29.00% |
58.12% |
100.00% |
F = A x E |
Revenue to date |
$2,900,000 |
$5,812,183 |
$10,000,000 |
G |
Revenue of Previous year |
$0 |
$2,900,000 |
$5,812,183 |
H = F - G |
Net Revenue this year |
$2,900,000 |
$2,912,183 |
$4,187,817 |
I (=B) |
Cost to date |
$2,059,000 |
$5,954,000 |
$10,139,000 |
J |
Cost to date of previous year |
$0 |
$2,059,000 |
$5,954,000 |
K = I - J |
Net Cost for the year |
$2,059,000 |
$3,895,000 |
$4,185,000 |
L = H - K |
Gross Profits |
$841,000 |
($982,817) |
$2,817 |
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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 $ 2,044,000 5, 256,000 2,170,000 1,885,000 2022 2023 $2,628,000 $2,890, 800 2,628,000 2,502,0005...
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
$
2,604,000
$
4,032,000
$
1,940,400
Estimated costs to complete as of year-end
5,796,000
1,764,000
0
Billings during the year
2,040,000
4,596,000
3,364,000
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
$
2,604,000
$
4,032,000
$
1,940,400
Estimated costs to complete as of year-end
5,796,000
1,764,000
0
Billings during the year
2,040,000
4,596,000
3,364,000
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
$
2,604,000
$
4,032,000
$
1,940,400
Estimated costs to complete as of year-end
5,796,000
1,764,000
0
Billings during the year
2,040,000
4,596,000
3,364,000
Cash collections during the...