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.

answer; customers within the organization

answer///the stewardship worldview;

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.