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Required information [The following information applies to the questions displayed below.] In 2018, the...

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Accounting

Required information

[The following information applies to the questions displayed below.] 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:

Find the Revenue and Gross Profit for the three years

2018 2019 2020
Cost incurred during the year $ 2,072,000 $ 2,738,000 $ 2,849,000
Estimated costs to complete as of year-end 5,328,000 2,590,000 0
Billings during the year 2,160,000 2,650,000 5,190,000
Cash collections during the year 1,880,000 2,700,000 5,420,000

Westgate recognizes revenue over time according to percentage of completion.

rev: 09_15_2017_QC_CS-99734

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