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…
  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: Req 1 Reg 2A Reg 2B Reg 2c Reg 3 Req 4 Reg 5 2023 $2,200,000 In the journal below, complete the necessary journal entries for the year 2021 (credit “Various accounts for construction costs incurred). (If no entry is required for a transaction/event, select “No journal entry required in the first account field.) Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 2022 $2,400,000 $3,600,000 5,600,000 2,000,000 2,000,000 4,000,000 1,800,000 3,600,000 4,000,000 4,600,000 View transaction list Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Journal entry worksheet < 1="" 2="" 3="" 4=""> Record the construction costs. . Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, 2-a.In the journal below, complete the necessary journal entries for the year 2021 (credit “Various accounts for construction costs incurred). 2-b.In the journal below, complete the necessary journal entries for the year 2022 (credit “Various accounts for construction costs incurred) 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit “Various accounts for construction costs incurred) 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. 2021 2022 2023 Cost incurred during the year $2,400,000 $3,800,000 $3,200,000 Estimated costs to complete as of year-end 5,600,000 3,100,000 —- this apply for Req 2B and Req 2C: 2) record the progress billings 3) record the cash collection 4) record the gross profit (loss) Req 1 Reg 2A Reg 2B Req 2c Reg 3 Reg 4 4 Reg 5 e Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. 2021 2022 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information Balance Sheet (Partial) Current assets: Cost incurred during the year Estimated costs to complete as of year-end 2021 $2,400,000 5,600,000 2022 $3,800,000 4,100,000 2023 $3,900,000 @ Current liabilities Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Reg 2C Reg 3 Reg 4 Reg 5 Req 1 Req 2A Reg 2B Reg 2c Req 3 Reg 4 Reg 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Leave no cells blank – be certain to enter “0” wherever required. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue Gross profit (loss) Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. (Leave no cells blank – be certain to enter “0” wherever required. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue Gross profit (loss) < regi="" req2a=""> this also apply for Req 5 May 16 2022 03:12 PM

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