The following assignment deals with the construction of a 500 MW
offshore wind farm. Following the...
The following assignment deals with the construction of a 500 MW
offshore wind farm. Following the decision to construct the wind
farm, it will take 4 years for the design, construction, purchase,
production and construction of the turbines until they can go into
operation. The time when the turbines begin operation is referred
to as time 0, and the costs for the previous 4 years have been:
year -4: 200 million DKK
year -3: 500 million DKK
year -2: 1,500...
In 2021, the Westgate Construction Company entered into a
contract to construct a road for Santa...
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
$
2,400,000
$
3,600,000
$
2,200,000
Estimated costs to complete as of year-end
5,600,000
2,000,000
0
Billings during the year
2,000,000
4,000,000
4,000,000
Cash collections during the year
1,800,000
3,600,000
4,600,000
Westgate recognizes revenue over time according to...
In 2018, the Westgate Construction Company entered into a
contract to construct a road for Santa...
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:
2018
2019
2020
Cost incurred during the year
$
2,580,000
$
4,042,000
$
2,175,800
Estimated costs to complete as of year-end
6,020,000
1,978,000
0
Billings during the year
2,060,000
4,562,000
3,378,000
Cash collections during the year
1,830,000
4,200,000
3,970,000
Westgate recognizes revenue over time according to...
In 2021, the Westgate Construction Company entered into a
contract to construct a road for Santa...
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 $ 2,604,000 $ 4,032,000 $ 1,940,400 Estimated costs to
complete as of year-end 5,796,000 1,764,000 0 Billings during the
year 2,040,000 4,596,000 3,364,000 Cash collections during the year
1,820,000 4,000,000 4,180,000 Westgate recognizes revenue over time
according to...