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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- If the company records revenue over time, how much must be shown as currentasset in the balance sheet of MOC Construction Company as of December 31?A. 5,500,000 C. 250,000B. 500,000 D. 100,000arrow_forwardRiverbed Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Item 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Cost of filling and grading the land Full payment to building contractor Real estate taxes paid for the current year on land Cost of real estate purchased as a plant site (land $118,000 and building $50,000) Excavation costs for new building Architect's fees on building plans Accrued real estate taxes paid at time of purchase of land Cost of parking lots and driveways Cost of demolishing building to make land suitable for construction of new building Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g. -15,000 or parenthesis, e.g. (15,000).) Proceeds from salvage of demolished building $ $ Land…arrow_forwardRequired: 1. Prepare general journal entries to record the preceding transactions. 2. Post to general ledger T-accounts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,000. (b) for simplicity, the building and equipment are being depreciated using the straight- line method over an estimated life of 20 years with no residual value. (c) supplies on hand at the end of the year total $600. (d) bad debts expense for the year totals $610; and (e) the income tax rate is 30%; income taxes are payable in the first quarter of 2017.arrow_forward
- Sheffield Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Item 1. 2. 3. 4. 5. 6. 7. 8. 9. Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g.-15,000 or parenthesis, e.g. (15,000).) 10. Cost of filling and grading the land Full payment to building contractor Real estate taxes paid for the current year on land Cost of real estate purchased as a plant site (land $110,500 and building $40,000) Excavation costs for new building Architect's fees on building plans Accrued real estate taxes paid at time of purchase of land Cost of parking lots and driveways Cost of demolishing building to make land suitable for construction of new building Proceeds from salvage of demolished building $ Debit $…arrow_forwardMarigold Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Item 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Cost of filling and grading the land Full payment to building contractor Real estate taxes paid for the current year on land Cost of real estate purchased as a plant site (land $111,500 and building $44,000) Excavation costs for new building Architect's fees on building plans Accrued real estate taxes paid at time of purchase of land Cost of parking lots and driveways Cost of demolishing building to make land suitable for construction of new building Proceeds from salvage of demolished building Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g. -15,000 or parenthesis, e.g. (15,000).) $ $ Debit…arrow_forwarda. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? b. What was the book value of the equipment on January 1 of Year 4? c. Assuming that the equipment was sold on January 3 of Year 4 for $379,920, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles. d. Assuming that the equipment had been sold on January 3 of Year 4 for $410,485 instead of $379,920, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles.arrow_forward
- Provide Answer with calculation and explanation of thearrow_forwardBramble Corp. was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. 3. 4. 5. 6. 7. 8. 2. 10. Item 1. 2. 3. 4. 5. 6. 7. Excavation costs for new building Architect's fees on building plans Full payment to building contractor Cost of real estate purchased as a plant site Cost of parking lots and driveways Accrued real estate taxes paid at time of purchase of land Installation cost of fences around property Cost of demolishing building to make land suitable for construction of new building Real estate taxes paid for the current year on land Debit Analyze the transactions using the following table column headings. Enter the amounts in the appropriate columns. For amounts in the Other Accounts column, also indicate the account title. (If an amount reduces the account balance then enter with a negative sign preceding the number, e.g.-15,000 or parenthesis, e.g. (15,000).) Proceeds from salvage…arrow_forwardRecordarrow_forward
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