Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement,
Question:
CHART OF ACCOUNTS
The xisting loader was purchased for $95,000 and $83,230 of depreciation had beentaken.
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 160 Prepaid Expenses 199 Other Current Assets 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 805 Advertising 806 Promotion 810 Car and Truck Expenses 811 Computer and Office Furniture 812 Repairs and Maintenance 819 Depreciation 820 Employee Wages and Salaries 821 Employee Benefits 822 Employee Retirement 823 Employee Recruiting 824 Employee 825 Employee Taxes 830 Insurance 835 Taxes and Licenses 840 Office Supplies 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 and Entertainment 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 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 Payrol 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 10 Capital Stock 420 Retained Earnings 430 Current Period Net Income 500 Revenue 610 Materials 620 Labor 630 Subcontract 640 Equipment 650 Other 710 Rent and Lease Payments 720 Depreciation 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: 50% (6 reviews)
The construction equipment account will see an increase of 115200 ...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Construction accounting and financial management
ISBN: 978-0135017111
2nd Edition
Authors: Steven j. Peterson
Question Posted:
Related Video
A diluted mixture of shampoo and water is ideal for the wiper washer reservoir. It cleans the damage owing to the heat and usage, wiper blades tend to get hard or worn out which may lead to scratches on your windshield. Soapy water helps the wipers to work smoothly and also helps to clean dust or smudges. It is too hard for the wipers to work properly.
Students also viewed these Finance questions
-
Using the chart of accounts for Dr. Kuhl from Problem 11A-1, record the following transactions in the synoptic journal and then prove the journal: 2012 May Dr. Kuhl deposited $9,000 in the practice....
-
Using the chart of accounts for Nathan Fox from Problem 11A-2, record the following transactions in the synoptic journal and then prove the journal. (Beginning balances are in your Study Guide with...
-
Using the chart of accounts for Debra Clark from Problem 11A-3, journalize the following transactions and prove the synoptic journal. Fill in the Post. Ref. column as if you were actually recording...
-
Explain how you solve problems during the implementation of your projects. Does this operate as a formal approach and/or use specific supportive techniques?
-
An α particle (4He nucleus) is to be taken apart in the following steps. Give the energy (work) required for each step: (a) Remove a proton, (b) Remove a neutron, (c) Separate the...
-
In refrigeration cycle, heat is (a) Abstracted from the lower temperature region and discarded to the higher one (b) Absorbed from the higher temperature region and discarded to the lower one (c)...
-
Define value and discuss the concepts of value in managing projects.
-
At September 30, 2016, the accounts of Park Terrace Medical Center (PTMC) include the following: Accounts Receivable...............$ 143,000 Allowance for Bad Debts (credit balance)...... 3,300...
-
You decide to work part-time at a local supermarket. The job pays $15.50 per hour and you work 22 hours per week. Your employer withholds 10% of your gross pay for federal taxes, 7.65% for FICA...
-
Decagon treats its employees as if they were members of a large family. Which HR policies described in the case might make employees really feel like they are being cared for and supported as if they...
-
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 receiving payment from the owner for...
-
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 leasing a $55,000 dump truck (Dump...
-
Suppose the prevailing equilibrium wage in a labor market is $24.00 per hour. What would be the impact of a minimum wage law that sets the minimum wage in this market at $32.00 per hour? What if the...
-
Dragon Designs Ltd had the following general ledger accounts for last year, using the T-account format. All the company's sales are on credit to retail stores across the country. The first amount in...
-
Read the following description of a sports club. Which features of good internal control seem to be missing? Are any of those features offset by strengths in other areas? The club earns revenue from...
-
Why it is important to perform cost-benefit analysis when designing an internal control system?
-
Isabelle Limited started business on 1 September 2016. During the first month in business the following transactions occurred. a. Issued share capital, $100 000. b. Paid one months rent of $2000. c....
-
How does a petty cash system act as an internal control?
-
Draw an approximate flammability triangle diagram for methyl alcohol. Use published flammability data from Appendix B and Table 6-3. If a gas containing 20\% methyl alcohol, \(5 \%\) oxygen, and \(75...
-
Write electron configurations for the following ions, and determine which have noble-gas configurations: (a) Cd2+ (b) p3- (c) Zr4+ (d) Ru3+ (e) As3- (f) Ag+
-
The American Taxpayer Relief Act of 2012 did all of the following except: a. Permanently patched the Alternative Minimum Tax b. Sunset the Bush-era tax cuts c. Installed a maximum 20 percent capital...
-
Your company is looking at purchasing a dump truck at a cost of $65,000. The truck would have a useful life of five years. At the end of the fifth year the salvage value is estimated to be $10,000....
-
What is the advantage of using the project balance method?
-
What are the weaknesses of the payback period without interest?
-
When the engine falls out of Rhonda's old car, it's time to shop for something newer. She is hoping to keep her monthly payment at $160, and a loan will be 5.4% simple interest for 48 months with a...
-
The premise of the experiment is: In a group of 10 people, present your findings with different mathematical models (eg, logistics, SI, SIS) or any other mathematical models. An initial person has a...
-
The rule of 72. 6. Show in Excel that if $20,000 is invested at 6% compounded annually, then it will double in about 12 years. (Note: 12=72/6) year F 1 23456780 9 Calculate the future value as the...
Study smarter with the SolutionInn App