Construction Accounting And Financial Management (4th Edition)
4th Edition
ISBN: 9780135232873
Author: Steven J. Peterson MBA PE
Publisher: PEARSON
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Question
Chapter 3, Problem 9P
To determine
Identify the changes to income statement,
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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. The bill includes $249,996 for work performed during the last month and $118,268 for retention withheld from the previous month’s payments. Retention will not be withheld on the $249,996.
Five selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system:
Following items belong to the revenue, expenditure, human resources/payroll, production, or financing cycle. Classify each item based on the cycle it belongs to.
a. Pay pay-as-you-earn (PAYE) payroll taxes
b. Send material requisition to inventory
c. Issue stock to investors
d. Borrow money from the bank to purchase a new factory
e. Complete receiving report
f. Appoint replacement purchasing clerk
g. Measure employee performance using a performance management system
h. Choose suitable supplier of raw materials
i. Ensure employees are up to date with the latest tax provisions
j. Record personal and tax information for new employees
Chapter 3 Solutions
Construction Accounting And Financial Management (4th Edition)
Ch. 3 - How do the relationships between the balance...Ch. 3 - Which of the transactions from this chapter result...Ch. 3 - Prob. 3DQCh. 3 - Which of the transactions from this chapter result...Ch. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - The following invoices are being entered into the...Ch. 3 - Prob. 9PCh. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...
Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...
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- A job was started on May 15, completed on June 27, and delivered to the customer on July 6. In which accounts would the costs be recorded on the financial statements dated May 31, June 30, and July 31?arrow_forwardDetermine the number of actual labour-hours spent opening batches during the week and determine the actual hourly rate paid to employees for opening batches last week.arrow_forward18. What is the certificate that is given to employee at the end of the year to aid him in the filing of his annual income tax return? a. Certificate of income tax withheld b. Certificate of employment. c. Certificate of compensation payment - tax withheld. d. Certificate of salaries paid. 19. In a job-order costing system, the cost incurred to rework unit that are common to all jobs should be debited to: a. Work in Process b. Manufacturing Overhead c.Materials d. Manufacturing Overhead Applied 20. In a job-order costing system, the recovery value of scrap that is significant in economic value, abnormal and due to the nature of particular jobs should be credited to: a. Work in Process b. Manufacturing Overhead c.Loss from Abnormal Spoilage d.Materialsarrow_forward
- ARE YOU RIGHT OR WRONG? 1. Ideally, each salary check was handed to the employee, who signs a receipt for it. 2. The total revenue taxes deducted from an employee's gross compensation is a business expenditure. 3. The Task in Process account is debited for the amount of direct labour (at normal rate) invoiced to the various works in progress.arrow_forwardThe questions to be answered. What is balance on the Cost of Goods Sold account after the adjustment Calculate the gross profit earned by Harriott on the jobs completed. Determine the balance in work in process inventory on November 30.arrow_forwardCan you help me with the last 2 journal entries? They are recording charges to Work-In-Process and the Transfer of Job 87.arrow_forward
- Categorize each of the following activities into the expenditure, conversion, or revenue cycles, and identify the applicable subsystem and give examples of each subsystem . a. Preparing the weekly payroll for manufacturing personnel b. Releasing raw materials for use in the manufacturing cycle c. Recording the receipt of payment for goods sold d. Recording the order placed by a customer e. Ordering raw materials f. Determining the amount of raw materials to order?arrow_forwardselected transactions for the current month are cated by letters in the following T accounts in a job er cost accounting system: Materials (a) Wages Payable (b) Factory Overhead (C) (a) (b) (c) (d) (e) cribe each of the five transactions. Work in Process (d) Finished Goods (e) Cost of Goods Soldarrow_forwardCalculate the wages received by the worker in the second week?arrow_forward
- The entry to record other factory overhead costs incurred during the month would include a.a debit to Factory Overhead. b.a debit to Work in Process. c.a credit to Work in Process. d.a credit to Factory Overhead.arrow_forwardCategorize each of the following activities into the expenditure, conversion, or revenue cycles, and identify the applicable subsystem.a. preparing the weekly payroll for manufacturing personnelb. releasing raw materials for use in the manufacturing cyclec. recording the receipt of payment for goods soldd. recording the order placed by a customere. ordering raw materialsf. determining the amount of raw materials to orderarrow_forwardPrepare a T-account for each account on the company’s balance sheet, and enter the beginning balances. Make entries directly into the T-accounts for the transactions given above. Create new T-accounts as needed. Determine an ending balance for each T-account. Was manufacturing overhead underapplied or overapplied for the year? Assume that the company allocates any overhead balance among the Work in Process, Finished Goods, and Cost of Goods Sold accounts, using the overall balances in each account. Prepare a journal entry to show the allocation. (Round allocation percentages to one decimal place.) Prepare an income statement for the year. (Do not prepare a schedule of cost of goods manufactured; all of the information needed for the income statement is available in the T-accounts.)arrow_forward
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