Please refer table P4.3 And table 94.4 in the below screenshots and answer question 7. M Search results - aks XReview Questions,9 llemc1\P\phil3931\ ×O (1) WhatsApp9 FINANCE BOOK.pdf XJournalizing vs Post XO File | C:/Users/errab/Downloads/FINANCE%20BOOK.pdfa: AppsB Free History NCERT...Q What is the structur...IAS 2021 Notificatio...civils prephomes 99 acrsAptoide | Downloa...SalesforceOther bookmarksE Reading list>>FINANCE BOOK.pdf105 / 31175%REVIEW QUESTIONS AND EXERCISES95TABLE P4.4 Transaction for CPM Construction CompanyTransactionDateTransactionNumber1CPM Co. bought construction equipment for $130,000 for whichthe company paid $15,000 cash and remaining on account.CPM Co. was billed $20,000 by Smith Material Supplier for costof material.CPM paid $20,000 to Smith Material Supplier related to1/2/X422/4/X43/4/X4transaction #2.43/8/X4CPM billed client for $320,000 (bill #1 on Job 101).CPM was billed $60,000 by National Rental Co. for rentingconstruction equipment.CPM received $290,000 from client for bill #1 on Job 101.CPM paid $60,000 to the National Rental Co, for the bill received54/7/X41056.5/8/X46/7/X4on 4/7/X4.CPM paid $70,000 cost of labor.CPM was billed $45.000 by subcontractor.CPM paid $45,000 to the subcontractor for the bill received on8/16/X4.PM billed client for $280,000 (bill #2 on Job 101).87/3/X48/16/X4109/16/X41110/1/X4СРМPROJECTLEVEL COST CONTROL1210/20/X4Accounts receivable of $20,000 are collected.11/15/X412/15/X412/25/X4 СРМ рaid $145,000 in рayroll expense.12/30/X413CPM received $265,000 from client for bill #2.14Accounts payable of $40,000 are paid.15Dividends paid in the amount of $20,000 to stockholders.12/30/X4 Building depreciation of $30,000 recognized for the year.12/30/X4 CPM depreciates its construction equipment for the total of161718$65,000 each year (this includes also the depreciation of theequipment bought on 1/2/X4.)1068. Can you think of construction contractors who can use the Completed-Contract method on a regular basis due to the type of contracts that theynormally undertake?How are the Income Statement and Balance Shoet linked when closingFINANCE BOOK (1).pdfFINANCE BOOK.pdffile.pdfShow all4:27 PM12/19/2022......II M Search results - aks XReview Questions,9 llemc1\P\phil3931\ ×O (1) WhatsApp9 FINANCE BOOK.pdf XJournalizing vs Post XO File | C:/Users/errab/Downloads/FINANCE%20BOOK.pdfa: AppsB Free History NCERT...Q What is the structur...IAS 2021 Notificatio...civils prephomes 99 acrsAptoide | Downloa...SalesforceOther bookmarksE Reading list>>FINANCE BOOK.pdf104 / 31175%(8) Bidding expenses(9) Building depreciation(10) Construction equipment depreciation20,00040,00030,000Using the transactions presented in Appendix B as a guide:• Journalize all of the above transactions.• Post journal entries to appropriate accounts.• Develop the Income Statement for period 1 December 2015 to 30November 2016.• Develop the Balance Sheet for ABC Construction as of 30 November2016.6. What is a "real" account? How does it differ from a nominal account?7. What is the reason for closing accounts?TABLE P4.3 Balance Sheet, CPM Construction Company (31 December, 2013)104LiabilitiesAccounts payableAssets75,00085,000Cash110,000Notes payable50,000Accounts receivable300.000Long-term loans60,000BuildingsLess accumulated depreciationon the buildings(150,000)Total liabilities195,000240,000Net worthConstruction equipmentLess accumulated(80,000)Capital stocks250,000depreciation on equipment20,000Retained earnings70,000Other assets515,000Total net worth320,000Total assetsTotal net worth and liabilities 515,000105FINANCE BOOK (1).pdfFINANCE BOOK.pdffile.pdfShow all4:27 PM12/19/2022......II

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9) Building depreciation (10) Construction oquipment depreciation 40,000 30,000 Using the transactions presented in Appendix B as a guide: • Journalize all of the above transactions. • Post journal entries to appropriate accounts. • Develop the Income Statement for period I December 2015 to 30 November 2016. • Develop the Balance Sheet for ABC Construction as of 30 November 2016. 6. What is a "real" account? How does it differ from a nominal account? 7. What is the reason for closing accounts? TABLE PAS Balance Sheet, CPM Comstruction Company (31 December, 2013) Assets Liabilities 75,000 Accounts payable 85,000 Cash 110,000 Notes payable 50,000 Accounts receivable 300,000 Long-term loans 60.000 Buildings Less accumulated depreciation (150,000) on the buildings Total liabilities 195,000 240,000 Net worth Construction equipment Less accumulated (80.000) Capital stocks 250,000 depreciation on equipment 20.000 Retained carmings 70,000 Other assets SI5,000 Total net worth 320.000 Total assets Total net worth and liabilities 515,000

9) Building depreciation (10) Construction oquipment depreciation 40,000 30,000 Using the transactions presented in Appendix B as a guide: • Journalize all of the above transactions. • Post journal entries to appropriate accounts. • Develop the Income Statement for period I December 2015 to 30 November 2016. • Develop the Balance Sheet for ABC Construction as of 30 November 2016. 6. What is a "real" account? How does it differ from a nominal account? 7. What is the reason for closing accounts? TABLE PAS Balance Sheet, CPM Comstruction Company (31 December, 2013) Assets Liabilities 75,000 Accounts payable 85,000 Cash 110,000 Notes payable 50,000 Accounts receivable 300,000 Long-term loans 60.000 Buildings Less accumulated depreciation (150,000) on the buildings Total liabilities 195,000 240,000 Net worth Construction equipment Less accumulated (80.000) Capital stocks 250,000 depreciation on equipment 20.000 Retained carmings 70,000 Other assets SI5,000 Total net worth 320.000 Total assets Total net worth and liabilities 515,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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