n 2018, the Westgate Construction Company entered into a contract to construct a road for Santa…

n 2018, the Westgate Development Firm entered right into a
contract to assemble a street for Santa Clara County for
$10,000,000. The street was accomplished in 2020. Data associated to
the contract is as follows:

2018 2019 2020
Price incurred
through the yr
$ 2,044,000 $ 2,628,000 $ 2,890,800
Estimated prices
to finish as of year-end
5,256,000 2,628,000 0
Billings throughout
the yr
2,170,000 2,502,000 5,328,000
Money collections
through the yr
1,885,000 2,600,000 5,515,000

Westgate acknowledges income over time in accordance with proportion of
completion.

Required:
1. Calculate the quantity of income and gross
revenue (loss) to be acknowledged in every of the three years.
2-a. Within the journal under, full the required
journal entries for the yr 2018 (credit score “Varied accounts” for
development prices incurred).
2-b. Within the journal under, full the required
journal entries for the yr 2019 (credit score “Varied accounts” for
development prices incurred).
2-c. Within the journal under, full the required
journal entries for the yr 2020 (credit score “Varied accounts” for
development prices incurred).
3. Full the knowledge required under to
put together a partial stability sheet for 2018 and 2019 exhibiting any gadgets
associated to the contract.
4. Calculate the quantity of income and gross
revenue (loss) to be acknowledged in every of the three years assuming
the next prices incurred and prices to finish
data.

2018 2019 2020
Price incurred
through the yr
$ 2,044,000 $ 3,885,000 $ 3,285,000
Estimated prices
to finish as of year-end
5,256,000 3,185,000 0

5. Calculate the quantity of income and gross
revenue (loss) to be acknowledged in every of the three years assuming
the next prices incurred and prices to finish
data.

2018 2019 2020
Price incurred
through the yr
$ 2,044,000 $ 3,885,000 $ 4,155,000
Estimated prices
to finish as of year-end

Calculate the quantity of income and gross revenue (loss) to be
acknowledged in every of the three years. (Don’t spherical intermediate
calculations. Loss quantities ought to be indicated with a minus
signal.)

2018 2019 2020
Income
Gross
revenue (loss)

Within the journal under, full the required journal entries for
the yr 2018 (credit score “Varied accounts” for development prices
incurred). (If no entry is required for a transaction/occasion, choose
“No journal entry required” within the first account area.)

1. Report development prices. / 2. Report progress billings. /
3. Report money collections. / 4. Report gross revenue (loss)

Within the journal under, full the required journal entries for
the yr 2019 (credit score “Varied accounts” for development prices
incurred). (If no entry is required for a transaction/occasion, choose
“No journal entry required” within the first account area.)

2018: 1. Report development prices.​ / 2. Report progress
billings. / 3. Report money collections. / 4. Report gross revenue
(loss).

Within the journal under, full the required journal entries for
the yr 2020 (credit score “Varied accounts” for development prices
incurred). (If no entry is required for a transaction/occasion, choose
“No journal entry required” within the first account area.)

1. Report development prices.​ / 2. Report progress billings. /
3. Report money collections. / 4. Report gross revenue (loss).

Full the knowledge required under to arrange a partial
stability sheet for 2018 and 2019 exhibiting any gadgets associated to the
contract. (Don’t spherical intermediate calculations.)

Steadiness Sheet
(Partial)
2018 2019 2014
Present
property:
0 0
Present liabilities:

Calculate the quantity of income and gross revenue (loss) to be
acknowledged in every of the three years assuming the next prices
incurred and prices to finish data. (Don’t spherical
intermediate calculations and spherical your remaining solutions to the
nearest complete greenback quantity. Loss quantities ought to be indicated with
a minus signal.)

2018 2019 2020
Income
Gross
revenue (loss)

Calculate the quantity of income and gross revenue (loss) to be
acknowledged in every of the three years assuming the next prices
incurred and prices to finish data. (Don’t spherical
intermediate calculations and spherical your remaining solutions to the
nearest complete greenback quantity. Loss quantities ought to be indicated with
a minus signal.)

2018 2019 2020
Income
Gross
revenue (loss)
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