Question
[The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered...
[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:
| 2021 | 2022 | 2023 | |||||||
| Cost incurred during the year | $ | 2,610,000 | $ | 3,162,000 | $ | 2,230,800 | |||
| Estimated costs to complete as of year-end | 6,390,000 | 2,028,000 | 0 | ||||||
| Billings during the year | 2,100,000 | 3,672,000 | 4,228,000 | ||||||
| Cash collections during the year | 1,850,000 | 3,000,000 | 5,150,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
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.)
Homework Answers
Answer #1
Workings
| Balance Sheet of Westgate Construction Company | |||||
| Assets | 2021 | 2022 | Liabilities | 2021 | 2022 |
| Unbilled Revenue | 800000 | 828000 | |||
| Debtors (Bills Receivable) | 250000 | 922000 |
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