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Question - 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
$2,016,000
$2,808,000
$2,613,600
Estimated costs to complete as of year-end
5,184,000
2,376,000
0
Billings during the year
2,180,000
2,644,000
5,176,000
Cash collections during the year
1,890,000
2,500,000
5,610,000
Westgate recognizes revenue over time according to percentage of completion.
Required - Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.
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