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dexar [7]
3 years ago
11

In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. T

he road was completed in 2023. Information related to the contract is as follows:
2021 2022 2023
Cost incurred during the year $2,640,000 $2,300,000 $2,926,000
Estimated costs to complete as of year-end 6,160,000 2,660,000 0
Billings during the year 2,080,000 2,860,000 5,060,000
Cash collections during the year 1,840,000 2,800,000 5,360,000

Westgate recognizes revenue over time according to percentage of completion.

Required:
1. Calculate the amount of revenue and gross profit (loss) to be recognized In each of the three years.
2.b. In the Journal below, complete the necessary Journal entries for the year 2021.
2.c. In the Journal below, complete the necessary Journal entries for the year 2021.
3. Complete the Information required below to prepare a partial balance sheet for 2020 and 2021 showing any Items related to the contract.
4. Calculate the amount of revenue and gross profit (loss).
Business
1 answer:
strojnjashka [21]3 years ago
5 0

Answer:

I think no A

if wrong correct me plsssssss

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3 0
2 years ago
Mikan Company’s standard predetermined overhead rate is $9 per direct labor hour. For the month of June, 26,000 actual hours wer
vaieri [72.5K]

Answer:

Allocated MOH= $234,000

Explanation:

Giving the following information:

Predetermined overhead rate= $9 per direct labor hour.

Actual direct labor hours= 26,000

<u>To allocate manufacturing overhead, we need to use the following formula:</u>

<u></u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 9*26,000

Allocated MOH= $234,000

5 0
3 years ago
The following data were taken from the balance sheet accounts of Masefield Corporation on December 31, 2019.
viktelen [127]

Answer:

Please see below

Explanation:

a. A 5% stock dividend is declared and distributed when the market per share was $39.

Common stock par value($10) 500,000

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= $97,500

Common stock dividend distributed

50,000 × 5% × $10

= $25,000

See attached further explanations.

7 0
3 years ago
WILL GIVE BRAINLIEST!!
alina1380 [7]
I would say
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3 years ago
Foreign investors have preferred to invest in the united states except for which of the following reasons?
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