Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in 2024, the westgate construction company entered

In 2024, the Westgate Construction Company entered into a contract to construct a road for...

90.2K

Verified Solution

Question

Accounting

In 2024, 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 2026. Information related to the contract is as follows:

2024 2025 2026
Cost incurred during the year $ 2,542,000 $ 3,772,000 $ 2,074,600
Estimated costs to complete as of year-end 5,658,000 1,886,000 0
Billings during the year 2,020,000 4,294,000 3,686,000
Cash collections during the year 1,810,000 3,800,000 4,390,000

2-a. In the journal below, complete the necessary journal entries for the year 2024 (credit Cash, Materials, etc. for construction costs incurred).

2-b. In the journal below, complete the necessary journal entries for the year 2025 (credit Cash, Materials, etc. for construction costs incurred).

2-c. In the journal below, complete the necessary journal entries for the year 2026 (credit Cash, Materials, etc. for construction costs incurred). 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A speculator buys a call option for $1.5, with an exercise price of $20. The stock...

Finance
Q

What volume of a concentrated HCl solution, which is 36.0% HCl by mass and has a...

Chemistry
Q

1. Prior to the AIDS epidemic, what type of population growth was occurring in sub-Saharan Africa? 2....

Biology
Q

which of the following causes transcription to end?ribosome reads a STOP codonRNA polymerase binds to...

Biology
Q

Given the following information set up the problem in a transportation table and solve for...

Basic Math
Q

The following information pertains to the City of Williamson for 2017, its first year of...

Accounting
Q

On August 1, 2021, Limbaugh Communications issued $22 million of 11% nonconvertible bonds at 105....

Accounting
Q

Received customer payment of $820 to ship several items to Philadelphia next month. Note: Enter...

Accounting
Q

Their financial analyst has estimated that the cost for this route will be as follows:...

Accounting
Q

On January 1 of Year 1, Congo Express Airways issued $4,000,000 of 5% bonds that...

Accounting
Q

Discuss the importance of managerial accounting as "decision-making tool" in your organization. in 300 words

Accounting
Q

A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: \table[[McKenzie...

Accounting