Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. required information [the following information ap

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

90.2K

Verified Solution

Question

Accounting

Required information

[The following information applies to the questionsdisplayed below.]
  
In 2018, the Westgate Construction Company entered into a contractto construct a road for Santa Clara County for $10,000,000. Theroad was completed in 2020. Information related to the contract isas follows:

201820192020
Cost incurred during the year$2,204,000$3,192,000$2,424,400
Estimated costs to complete as of year-end5,396,0002,204,0000
Billings during the year2,140,0003,256,0004,604,000
Cash collections during the year1,870,0003,200,0004,930,000


Westgate recognizes revenue over time according to percentage ofcompletion.


rev: 09_15_2017_QC_CS-99734

4. Calculate the amount of revenue and grossprofit (loss) to be recognized in each of the three years assumingthe following costs incurred and costs to complete information.(Do not round intermediate calculations and round yourfinal answers to the nearest whole dollar amount. Loss amountsshould be indicated with a minus sign.)

201820192020
Cost incurred during the year$2,204,000$3,870,000$3,270,000
Estimated costs to complete as of year-end5,396,0003,170,0000

Answer & Explanation Solved by verified expert
4.0 Ratings (718 Votes)
Answers All working forms part of the answer Working based on Requirement 4 data Working 2018 2019 2020 A Contract Price 1000000000 1000000000 1000000000 B Cost    See Answer
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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Full Boat Manufacturing has projected sales of $124 million next year. Costs are expected to be...

Finance
Q

Suppose you have a concentrated solution (S1) with a concentration equal to 1 M. You use...

Chemistry
Q

For the reaction show below determine the rate law. CH3COCH3 + Br2 → CH3COCH2Br + HBr(aq) The...

Chemistry
Q

if a line slope of 4 then the value of y blank by blank is...

Geometry
Q

t2 of 2 ts eBook Print eferences Required information Required 1 Required 2 Prepare the...

Basic Math
Q

Now that you have chosen your vehicle you will need to determine how much you...

Basic Math
Q

A B Integrating both sides indefinitely and using the fact that the integral of a...

Calculus
Q

Evaluate the following definite integral 6 S 18x x 9 dx O 0 O S18x...

Calculus
Q

Cross-sectional ratio analysis Use the financial statements for Fox Manufacturing Company for the year ended...

Accounting
Q

Compute the penalty described for the following taxpayers. If an amount is zero, enter "0"....

Accounting
Q

help me with questions 1,2,3,4,5 and 6 ...

Accounting
Q

Bella requiere $236000 en cuatro aos para comprar una casa nueva. Qu cantidad debe invertirse...

Accounting