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Required Information The following information applies to the questions displayed below
Required Information The following information applies to the questions displayed below.) 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: 2023 $3,649,202 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,581,000 6,319, eee 2,090, eee 1,845,000 2022 $2,347,eee 2,772,000 2,838,888 2,900,000 5,072, eee 5,255,000 Westgate recognizes revenue over time according to percentage of completion. 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round Intermediate calculations.) 2021 2022 Balance Sheet (Partial) Current assets: Current liabilities:
Expert Solution
Working Note
| Particulars | 2021 $ | 2022 $ | 2023 $ | Total |
| Cost incurred during the year [a] | 2581000 | 2347000 | 3049200 | 7977200 |
| Esti. cost to complete as on the year end [b] | 6319000 | 2772000 | 9091000 | |
| Billing during the year[c] | 2090000 | 2838000 | 5072000 | 10000000 |
| Cash collection during the year [d] | 1845000 | 2900000 | 5255000 | 10000000 |
| Accounts Receivable [c-d] ** | 245000 | 0 | 0 | |
| Gross Profit recognised | 0 | 616954 | 1405846 | 2022800 |
Partial Balance Sheet
| Balance Sheet | Partial | 2021 | 2021 | 2022 | 2022 |
| Current Assets : | |||||
| Accounts Receivable ** | 245000 | 0 | |||
| Construction in progress[a] | 2581000 | 4928000 | |||
| Less Billings[b] | 2090000 | 4928000 | 0 | ||
| Cost in excess of billings[a-b] | 491000 | 0 |
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