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

Answered: Image /qna-images/answer/edbc93db-ae3e-46ce-8cfd-425a2f14ee18.jpg

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

See similar textbooks

Similar questions

hrome File Edit View History Objs - Google Search Bookmarks Profiles Tab x QuickLaunchSSO :: Single Sic x Window Help M Question 3- Chapter 3 Home .X + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... 一口 Chapter 3 Homework i 3 Saved Help Save Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Exercise 3-6 (Algo) Preparing adjusting entries LO P1, P2, P3 Return 8.54 points a. Depreciation on the company's equipment for the year is computed to be $14,000. b. The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $550 of unexpired insurance coverage remains. c. The Supplies account had a $480 debit balance at the beginning of the year, and $2,680 of supplies were purchased during the year. The December 31…
please help with the question that is attached as a picture. thanks
please explain step by step!
Google Chrome File Edit View History. bjs - Google Search Bookmarks Profiles Tab Window Help QuickLaunchSSO:: Single Sig x M Question 11 - Chapter 2 Hom x + x M Chapter 2 Quiz - Connect x ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... Chapter 2 Homework 11 12 Saved A Help Save & E 24.85 points eBook Ask Print References Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $140,000 cash along with office equipment valued at $33,600 in the company. April 2 The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. April 3 The company made credit purchases for $16,800 in office equipment and $3,360 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received $2,000 cash. April 9 The company…
File Edit View History Bookmarks Profiles Tab Window Help ogle Search x QuickLaunchSSO :: Single Sig x M Question 8 - Chapter 2 Home X M Chapter 2 Quiz - Connect x + to.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... K Homework nces Saved Required information Use the following information for Exercises 17-18 below. (Algo) [The following information applies to the questions displayed below.] The transactions of Belle Company's appear below. 1. D. Belle created a new business and invested $5,400 cash, $6,900 of equipment, and $12,000 in web servers. 2. The company paid $4,000 cash in advance for prepaid insurance coverage. 3. The company purchased $700 of supplies on credit. 4. The company paid $900 cash for selling expenses. 5. The company received $5,400 cash for services provided. 6. The company paid $700 cash toward accounts payable. 7. The company paid $2,500 cash for equipment. H Exercise 2-17 (Algo) Entering…
please help with parts a,b, and c
gle Chrome File Edit View History Bookmarks Profiles Tab Window Help Inbox (229) - abigailof X MGmail x iConnect - Home x Question 5 Mid-Term x Connect Getting to K wiL47988 xapp ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... Mid-Term Exam Saved 5 Part 4 of 4 Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,660 in assets to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Ask Land Office equipment Accounts payable Owner investments $ 12,040 Cash withdrawals by owner 13,720 Consulting revenue 2,990 Rent expense 45,940 Salaries expense 17,710 Telephone expense 8,230 Miscellaneous expenses. 83,660 $ 1,760 13,720 3,210 6,690 870 680 Mc Graw Hill 一口 Help Save & E Also assume the following: a.…
Chrome File Edit View History Bookmarks Profiles Tab Window Help Inbox (2 x ACC101 (4726) × Account x Account X M Question x iConnect x Content xM SmartBox →> C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwebapps%252Fb Saved Help Chapter 7 Quiz 2 QS 7-2 (Algo) Accounting information system principles LO C1 Match each description with the system principle it best reflects. 7.58 points esc Ask Mc Graw Hill Description 1. The benefits from an activity in an accounting information system outweigh the costs. 2. The accounting information system adapts to changes in the needs of decision makers. 3. The accounting information system reports useful information to decision makers. 4. The accounting information system conforms to the company's structure. 5. The accounting information system helps managers monitor business activities. 0 18 < Prev 2 of 10 tv G Search or type URL ☆ Principle VA Aa 3 5 6 8 O C
Safari File Edit View History Bookmarks Window Help uLink - Student... W 1. 2. uLink - Student... 3. 4. learn-eu-central-1-prod-fleet01-xythos.content.blackboardcdn.com uLink - Student... 21 445 Entity A enters into the following transactions. You are required to show the impact of the transactions below on the accounting equation. e Content 9 Bb https://learn-eu-... Entity A purchased 1 000 bags of cement from K Ltd on credit. K Ltd normally sells a bag for R45. Entity A received a 10% discount for the 1 000 bags. Entity A returned 150 bags of cement, as they were defective. On the same day, the outstanding balance was settled through an online payment. This transaction did not affect the discount offered to Entity A. Select the correct values from the dropdown menus in the table provided in the Blackboard activity. MAR 7 In an attempt to assist the business, the owner of Entity A deposited R100 000 into the entity's bank account. A quarter of the amount is payable to the owner and…
ne File Edit View History Bookmarks Profiles Tab Window Help M Inbox (2 x MACC101 x (4726) || X Account x| Account X WiConnec× M Question X Content c ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%2 Chapter 7 Quiz i 7 7.58 points Ask Mc Graw Hill Saved QS 7-13 (Algo) Indicating journals used for posting LO P1, P2, P3, P4 The following T-accounts show postings of selected transactions. Indicate the journal used in recording each of these postings a through e. Cash Accounts Receivable Inventory Debit (d) 700 Credit (e) Debit 340 (b) 1,700 Credit (d) Debit Credit 700 (a) 1,520 (c) 1,040 Accounts Payable Sales Debit (e) 340 Credit (a) Debit 1,520 Credit (b) Cost of Goods Sold Credit Debit 1,700 (c) 1,040 Transaction a. b. C. d. e. Journal 12.020 ANE 18 tv A
File Edit View History Bookmarks Profiles Tabl Window Help Inbox (2 x MACC101 x (4726) IF X Account x Account X M Question X WiConnect x Content xM SmartBo X ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu %252Fwebapps%252Fbla apter 7 Quiz 8 2.12 oints Mc Graw Hill Saved Exercise 7-2 (Algo) Identifying journal of entry LO P1, P2, P3, P4 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Identify the journal in which each of the transactions should be recorded. Date Transaction May 2 The company purchased $15,340 of merchandise on credit from Bryant Company terms n/10. May 5 Sold merchandise costing $300 to B. Facer for $450 cash, invoice number 5703. May 7 Paid salary of $6,800 to J. Terry by issuing check number 543. May 8 Purchased $830 of store supplies from Bryce Company on credit terms n/45. May 12 Received $1,225 cash from J. Dryer to pay for the…
e File Edit View History Bookmarks Profiles Tab Window Help G ox (270) - abigailo x MACC101 Principles of A X (4726) IFRS vs. GAAP x M Question 15 - Chapter X WiConnect-Home 1545 x M Qu ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... pter 6 Homework i 15 Saved Help Part 3 of 4 10.34 points Required information Problem 6-2AA (Algo) Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Activities Beginning inventory Purchase Units Acquired at Cost 110 units $45 per unit 410 units @$50 per unit 140 units @$55 per unit 220 units @$57 per unit 430 units @$80 per unit Totals 880 units eBook Ask Print Date March 1 March 5 March 9 March 18 March 25 March 29 Sales Purchase Purchase Sales References 180 units @ $90 per unit…