Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement,
Question:
Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as a result of recording over- and underbillings from Problem 12. The balance sheet from the beginning of the month had $5,716 in cos and profits in excess of billings and $17,235 in billings in excess of costs and profits.
In Figure 2.1
Transcribed Image Text:
110 Cash 120 Accounts Receivable-Trade 121 Accounts Receivable-Retention 130 Inventory 140 Costs and Profits in Excess of Billings 150 Notes Receivable 155 Due From Construction Loans 160 Prepaid Expenses 199 Other Current Assets 210 Building and Land 220 Construction Equipment 230 Trucks and Autos 240 Office Equipment 250 Less Acc. Depreciation 260 Capital Leases 299 Other Assets 310 Accounts Payable-Trade 311 Accounts Payable-Retention 320 Billings in Excess of Costs and Profits 330 Notes Payable 340 Accrued Payroll 341 Accrued Payables 342 Accrued Taxes 343 Accrued Insurance 344 Accrued Vacation 350 Capital Leases Payable 360 Warranty Reserves 379 Other Current Liabilities 380 Long-Term Liabilities 410 Capital Stock 420 Retained Earnings 430 Current Period Net Income CHART OF ACCOUNTS 730 Repairs and Maintenance 740 Fuel and Lubrication 750 Taxes, Licenses, and Insurance 798 Equipment Costs Charged to Employees 799 Equipment Costs Charged to Jobs 500 Revenue 610 Materials 620 Labor 630 Subcontract 640 Equipment 650 Other 710 Rent and Lease Payments 720 Depreciation 805 Advertising 806 Promotion 810 Car and Truck Expenses 811 Computer and Office Furniture Repairs and Maintenance 812 819 Depreciation 820 Employee Wages and Salaries 821 Employee Benefits 822 Employee Retirement 823 Employee Recruiting 824 825 827 830 Insurance 835 Taxes and Licenses 840 Office Supplies Employee Training Employee Taxes Entertainment 841 Office Purchase 842 Office Rent 843 Office Utilities 844 Postage and Delivery 845 Janitorial and Cleaning 846 Telephone 850 Charitable Contributions 855 Dues and Memberships 860 Publications and Subscriptions 865 Legal and Professional Services 870 Meals 875 Travel 880 Bank Fees 881 Interest Expense 885 Bad Debts 891 Unallocated Labor 892 Unallocated Materials 893 Warranty Expense 898 Miscellaneous 899 Overhead Charged to Jobs 910 Other Income 920 Other Expense 950 Income Tax
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
The costs and profits in excess of billings is 852 and the b...View the full answer
Answered By
Susan Juma
I'm available and reachable 24/7. I have high experience in helping students with their assignments, proposals, and dissertations. Most importantly, I'm a professional accountant and I can handle all kinds of accounting and finance problems.
4.40+
15+ Reviews
45+ Question Solved
Related Book For
Construction Accounting And Financial Management
ISBN: 9780135232873
4th Edition
Authors: Steven J. Peterson
Question Posted:
Students also viewed these Business questions
-
Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as the result of billing a client $368,264 for Job 313....
-
Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as the result of recording $2,500 in office...
-
Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as the result of paying the employees in Problem 2 for...
-
Northland Corporation is a small information-systems consulting firm that specializes in helping companies implement standard sales-management software. The market for Northalndss services is very...
-
Find z such that P(Z > z) = 0.12.
-
Without solving, determine the character of the solutions of each equation in the complex number system. 2x 2 + 3x = 4
-
The following residuals and predicted values were obtained from an experiment that related yield of a chemical process \((y)\) to the initial concentration \((x)\) of a component (the time order of...
-
Suppose you hold two series of options, both NQOs. Because of a big promotion, you expect your tax rate to increase from a current 31% to 39.6%. The current stock price is $70. The first set of...
-
Your company would like you to help create a model for calculating Customer Lifetime Value for a cohort. Using figure 2.5 as a starting point, help create a model in Excel that will calculate 10-year...
-
Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as a result of recording the over- and underbillings...
-
The project in Problem 10 is expected to take 9 months to complete. The costs for the project at the end of the second month are shown in Figure 4-16. You have a meeting with projects owner to...
-
As the new staff person in your companys treasury department, you have been asked to conduct research related to a proposed transfer of receivables. Your supervisor wants the authoritative sources...
-
Which one of them is not a decision-making tool? Force field analysis Grid analysis method Pros and cons method with benefits Carrot and stick approach
-
Sanjana has been taking violin lessons since she was eight. Now a teenager, she misses other fun activities because of her hectic schedule, as she has to practice violin lessons every day after...
-
Which of the following is the decision style where a leader gives up total control of a decision to their team? Autocratic Participative Consultative Democratic
-
Which of these controls focuses on organizational culture through shared goals, objectives, norms, policies, and procedures and exercises appropriate control? Market control Clan control ...
-
If your tires are worn, does your odometer (which is keyed to the turns of the axle) underestimate or overestimate the number of miles you drive?
-
Describe at least two creative bootstrapping resources.
-
A test car is driven a fixed distance of n miles along a straight highway. (Here n Z+.) The car travels at one mile per hour for the first mile, two miles per hour for the second mile, four miles...
-
Determine the current assets to total assets ratio for the construction company in Figures 6-3 and 6-4. What insight does this give you into the companys financial operations? FIGURE 6-3 Balance...
-
Determine the collection periodwith and without retentionand receivable turns for the construction company in Figures 6-3 and 6-4. What insight does this give you into the companys financial...
-
Determine the average age of accounts payable and payable turns for the construction company in Figures 6-3 and 6-4. Use only the material and subcontract construction costs to calculate the average...
-
A friend owes you $500 in 1 year from now, and then $1000 2 years from now. Both loans are at 5%. If you want to replace both of these loans with ONE PAYMENT NOW, how much would your friend give you ?
-
If the amount of retained earnings at the beginning of the year was $ 3 0 , 0 0 0 , and $ 1 2 , 0 0 0 in dividends is paid during the year, calculate net income for the year.
-
On January 2, 20Y4, Whitworth Company acquired 33% of the outstanding stock of Aloof Company for $330,000. For the year ended December 31, 20Y4, Aloof Company earned income of $86,000 and paid...
Study smarter with the SolutionInn App