Business, 05.10.2019 02:10, 1thousandwishes
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 $ 2,490,000 $ 3,984,000 $ 2,008,600 estimated costs to complete as of year-end 5,810,000 1,826,000 0 billings during the year 2,030,000 4,444,000 3,526,000 cash collections during the year 1,815,000 3,900,000 4,285,000 westgate recognizes revenue over time according to percentage of completion. required: 1. calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (do not round intermediate calculations. loss amounts should be indicated with a minus sign.)
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In 2021, the westgate construction company entered into a contract to construct a road for santa cla...
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