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:
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.)
![Required information<br>[The following information applies to the questions displayed below.]<br>In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for<br>$10,000,000. The road was completed in 2023. Information related to the contract is as follows:<br>2022<br>$2,450,000<br>2,450, 000<br>2,350,000<br>2,300,000<br>2021<br>2023<br>Cost incurred during the year<br>Estimated costs to complete as of year-end<br>Billings during the year<br>Cash collections during the year<br>$2,100,000<br>4,900, 000<br>$2,695,000<br>2,200,000<br>1,900,000<br>5,450,000<br>5,800,000<br>Westgate recognizes revenue over time according to percentage of completion.<br>3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the<br>contract. (Do not round intermediate calculations.)<br>Balance Sheet (Partial)<br>2021<br>2022<br>Current assets:<br>Current liabilities:<br>](https://s3.us-east-1.amazonaws.com/storage.unifolks.com/qimg-008/008_mc4zz0-b3ld4far.png)
Extracted text: 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: 2022 $2,450,000 2,450, 000 2,350,000 2,300,000 2021 2023 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,100,000 4,900, 000 $2,695,000 2,200,000 1,900,000 5,450,000 5,800,000 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.) Balance Sheet (Partial) 2021 2022 Current assets: Current liabilities: