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 2022 $2,059,000 $2,627,000 5,041,000 2,414,000 2,190,000 2,496,000 5,314,000 1,895,000 2,400,000 5,705,000 2023 $2,655,400 Westgate recognizes revenue over time according to percentage of completion. 0 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round Intermediate calculations.)
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 2022 $2,059,000 $2,627,000 5,041,000 2,414,000 2,190,000 2,496,000 5,314,000 1,895,000 2,400,000 5,705,000 2023 $2,655,400 Westgate recognizes revenue over time according to percentage of completion. 0 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round Intermediate calculations.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 9MC
Related questions
Question
![0:30
aces
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
2022
$2,059,000 $2,627,000
5,041,000 2,414,000
2,190,000 2,496,000
1,895,000
2,400,000
Westgate recognizes revenue over time according to percentage of completion.
2023
$2,655,400
5,314,000
5,705,000
3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the
contract. (Do not round Intermediate calculations.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7093ecba-b133-4717-8763-cf52fea08762%2F0ef84c98-183b-4307-a9d8-a5472dfa177e%2Ftx7zvet_processed.jpeg&w=3840&q=75)
Transcribed Image Text:0:30
aces
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
2022
$2,059,000 $2,627,000
5,041,000 2,414,000
2,190,000 2,496,000
1,895,000
2,400,000
Westgate recognizes revenue over time according to percentage of completion.
2023
$2,655,400
5,314,000
5,705,000
3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the
contract. (Do not round Intermediate calculations.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning