Construction Accounting And Financial Management (4th Edition)
4th Edition
ISBN: 9780135232873
Author: Steven J. Peterson MBA PE
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem 17P
Using the chart of accounts in Figure 2-1, determine the changes to the
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If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31?
A. 5,100,000 C. 250,000B. 500,000 D. 100,000
All of the following is a period cost EXCEPT:
a.
Salary of an accountant.
b.
Cost of a training session attended by the company's controller.
c.
Insurance on a company administration building.
d.
Monthly depreciation of assembly line equipment.
DogMart Company records depreciation for equipment. Depreciation for the period ending December 31 is $3,510 for office equipment and $7,650 for production equipment.
Required:
Prepare the two entries to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
DogMart Company
General Ledger
ASSETS
11
Cash
12
Accounts Receivable
13
Supplies
14
Prepaid Insurance
16
Office Equipment
17
Accumulated Depreciation-Office Equipment
18
Production Equipment
19
Accumulated Depreciation-Production Equipment
LIABILITIES
21
Accounts Payable
22
Notes Payable
23
Unearned Fees
24
Salary Payable
25
Interest Payable
EQUITY
31
Common Stock
32
Retained Earnings
33
Dividends
REVENUE
41
Fees Earned
EXPENSES
51
Advertising Expense
52
Insurance Expense
53
Interest Expense
54
Salary Expense
55
Supplies Expense
56
Utilities Expense
57…
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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