t Chp 6-2
5
!
Required Information
[The following Information applies to the questions displayed below.]
In 2024, 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 2026. Information related to the contract is as follows:
Saved
Cost incurred during the year
Estimated costs to complete as of year-end
Billings during the year
Cash collections during the year
2024
2025
2026
$ 2,044,000
$ 2,628,000
$ 2,890,800
5,256,000
2,628,000
0
2,170,000
2,502,000
5,328,000
1,885,000
2,600,000
5,515,000
Westgate recognizes revenue over time according to percentage of completion.
3. Complete the Information required below to prepare a partial balance sheet for 2024 and 2025 showing any Items related to the
contract.
Note: Do not round Intermediate calculations.
Balance Sheet (Partial)
Current assets:
Current liabilities:
2024
2025
0
0
0
0