Answer
2021 |
2022 |
2023 |
|
Revenue |
$ 2,900,000.00 |
$ 4,500,000.00 |
$ 2,600,000.00 |
Gross Profits (Loss) |
$ 609,000.00 |
$ 945,000.00 |
$ 340,600.00 |
Working |
2021 |
2022 |
2023 |
|
A |
Contract Price |
$ 10,000,000.00 |
$ 10,000,000.00 |
$ 10,000,000.00 |
B |
Cost Incurred to Date |
$ 2,291,000.00 |
$ 5,846,000.00 |
$ 8,105,400.00 |
C |
Estimated cost yet to be incurred to complete the contract |
$ 5,609,000.00 |
$ 2,054,000.00 |
$ - |
D = B+C |
Total Cost |
$ 7,900,000.00 |
$ 7,900,000.00 |
$ 8,105,400.00 |
E = (B/D) x 100 |
% of Completion |
29.00% |
74.00% |
100.00% |
F = A x E |
Revenue to date |
$ 2,900,000.00 |
$ 7,400,000.00 |
$ 10,000,000.00 |
G |
Revenue of Previous year |
$ - |
$ 2,900,000.00 |
$ 7,400,000.00 |
H = F - G |
Net Revenue this year |
$ 2,900,000.00 |
$ 4,500,000.00 |
$ 2,600,000.00 |
I (=B) |
Cost to date |
$ 2,291,000.00 |
$ 5,846,000.00 |
$ 8,105,400.00 |
J |
Cost to date of previous year |
$ - |
$ 2,291,000.00 |
$ 5,846,000.00 |
K = I - J |
Net Cost for the year |
$ 2,291,000.00 |
$ 3,555,000.00 |
$ 2,259,400.00 |
L = H - K |
Gross Profits |
$ 609,000.00 |
$ 945,000.00 |
$ 340,600.00 |
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...
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 Westgate...
(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 Westgate...
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 Westgate recognizes revenue over time according to percentage of completion. 3....
he 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 $ 2,291,000 $ 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 2,110,000 3,736,000 4,154,000 Cash collections during the year 1,855,000...
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 $ 2,291,000 $ 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 2,110,000 3,736,000 4,154,000 Cash collections during the year 1,855,000 3,500,000 4,645,000 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 $2,291,000 5,609,000 2,110,000 1,855,000 2022 $3,555,000 2,054,000 3,736,000 3,500,000 2023 $2,259,400 0 4,154,000...
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 $ 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...
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...
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 5,176,000...