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Section 1 Determine the changes to the income statement, balance sheet, job cost ledger, and equipment ledger based on the following transactions. Show each transaction graphically, then complete Section a. b. Ic C d. e Record a bill for lumber used in job 302 in the amount of $6,157 Record a $18.9 bill received from a subcontractor for work performed at job 302, and you will withhold 10% of that Pay for office rent in the amount of $2.711 Send an invoice to an owner for $20,082. The owner will withhold 10% retention Record repairs to backhoe 27 in the amount of $495 Record depreciation for backhoe 27 in the amount of $524 Record a bill received for telephone service in the amount of S194 Pay a bit for concrete for job 302 in the amount of 56,924 Bill job 302 for backhoe 27 in the amount of $161 Receive a check from an owner for progress payment for $22,709, No retention was withheld. ti Section 2 Section 2 For the current accounting period, using the percentage of completion accounting method and assuming no changes other than those listed above, what are you now showing for the following accounts 1 Revenues 2 Total Construction costs 3 Total Equipment Costs 4 Gross Profit 5 Total Overhead Expenses 6.Net Profit from Operations 7 Total Current Assets (current period) Net Fred Anets (current period) Total Current Liabilities (current period) 10 Total Equity (current period) Determination of the changes to the balance sheet, income statement, and job cost ledger and equipment ledger as a result of entering each of the given invoices: a. Record a bill for lumber used in job 302 in the amount of $6,157 b. Record a $18,444 bill received from a subcontractor for work performed at job 302, and you will withhold 10% of that bill C. Pay for office rent in the amount of $2,711 d. Send an invoice to an owner for $20,082. The owner will withhold 10% retention. e. Record repairs to backhoe 27 in the amount of $495 f. Record depreciation for backhoe 27 in the amount of $524 g Record a bill received for telephone service in the amount of $194 h. Pay a bill for concrete for job 302 in the amount of $6,924 i. Bill job 302 for backhoe 27 in the amount of $764 j Receive a check from an owner for progress payment for $22,709. No retention was withheld. Section 2, For the current accounting period, using the percentage of completion accounting method and assuming no changes other than those listed above what are you now showing for the following accounts Section 2, For the current accounting and assuming no changes other than accounts? 1 Revenues 2 Total Construction Costs 3 Total Equipment Costs 4 Gross Profit 5 Total Overhead Expenses 6 Net Profit from Operations 7 Total Current Assets (current period) 8 Net Fixed Assets (current period 9 Total Current Liabilities (current period) 1. Total Equity (current o period) Determination of the changes to the balance sheet, income statement, and job cost ledger and equipment ledger as a result of entering each of the given invoices: a. A $5,000 invoice for concrete charged to a job: Balance Sheet: : Balance sheet which is also known as position statement is a financial statement prepared at the end of the accounting period to know the exact position of asset and liabilities for a given period. Balance Sheet Assets Liabilities $5,000 310 accounts payable- trade Equity 430 current period net income lo $(5,000) lo Income Statement: Income statement is one of the important financial statements prepared by accompany to know whether the business has earned profits or suffered losses for a business year. Income Statement Expenses Revenues 610 materials $5,000 $(5,000) Profit O O Job cost ledger: Job cost ledger is provides the detailed information regarding the costs spent on a particular job for a given period. Job Cost Expenses 302.01.32300M $5,000 Section 1 Determine the changes to the income statement, balance sheet, job cost ledger, and equipment ledger based on the following transactions. Show each transaction graphically, then complete Section a. b. Ic C d. e Record a bill for lumber used in job 302 in the amount of $6,157 Record a $18.9 bill received from a subcontractor for work performed at job 302, and you will withhold 10% of that Pay for office rent in the amount of $2.711 Send an invoice to an owner for $20,082. The owner will withhold 10% retention Record repairs to backhoe 27 in the amount of $495 Record depreciation for backhoe 27 in the amount of $524 Record a bill received for telephone service in the amount of S194 Pay a bit for concrete for job 302 in the amount of 56,924 Bill job 302 for backhoe 27 in the amount of $161 Receive a check from an owner for progress payment for $22,709, No retention was withheld. ti Section 2 Section 2 For the current accounting period, using the percentage of completion accounting method and assuming no changes other than those listed above, what are you now showing for the following accounts 1 Revenues 2 Total Construction costs 3 Total Equipment Costs 4 Gross Profit 5 Total Overhead Expenses 6.Net Profit from Operations 7 Total Current Assets (current period) Net Fred Anets (current period) Total Current Liabilities (current period) 10 Total Equity (current period) Determination of the changes to the balance sheet, income statement, and job cost ledger and equipment ledger as a result of entering each of the given invoices: a. Record a bill for lumber used in job 302 in the amount of $6,157 b. Record a $18,444 bill received from a subcontractor for work performed at job 302, and you will withhold 10% of that bill C. Pay for office rent in the amount of $2,711 d. Send an invoice to an owner for $20,082. The owner will withhold 10% retention. e. Record repairs to backhoe 27 in the amount of $495 f. Record depreciation for backhoe 27 in the amount of $524 g Record a bill received for telephone service in the amount of $194 h. Pay a bill for concrete for job 302 in the amount of $6,924 i. Bill job 302 for backhoe 27 in the amount of $764 j Receive a check from an owner for progress payment for $22,709. No retention was withheld. Section 2, For the current accounting period, using the percentage of completion accounting method and assuming no changes other than those listed above what are you now showing for the following accounts Section 2, For the current accounting and assuming no changes other than accounts? 1 Revenues 2 Total Construction Costs 3 Total Equipment Costs 4 Gross Profit 5 Total Overhead Expenses 6 Net Profit from Operations 7 Total Current Assets (current period) 8 Net Fixed Assets (current period 9 Total Current Liabilities (current period) 1. Total Equity (current o period) Determination of the changes to the balance sheet, income statement, and job cost ledger and equipment ledger as a result of entering each of the given invoices: a. A $5,000 invoice for concrete charged to a job: Balance Sheet: : Balance sheet which is also known as position statement is a financial statement prepared at the end of the accounting period to know the exact position of asset and liabilities for a given period. Balance Sheet Assets Liabilities $5,000 310 accounts payable- trade Equity 430 current period net income lo $(5,000) lo Income Statement: Income statement is one of the important financial statements prepared by accompany to know whether the business has earned profits or suffered losses for a business year. Income Statement Expenses Revenues 610 materials $5,000 $(5,000) Profit O O Job cost ledger: Job cost ledger is provides the detailed information regarding the costs spent on a particular job for a given period. Job Cost Expenses 302.01.32300M $5,000