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 7P

The following invoices are being entered into the accounting system. 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 entering each of the following invoices:

a. A $5,000 invoice for concrete charged to job cost code 302.01.32300M
b. A $12,350 invoice from a subcontractor for plumbing charged to job cost code 309.02.22100S. Ten percent retention is withheld from the invoice.
c. A $255 phone bill charged to job cost code 315.01.01800O
d. A $1,352 bill for main office rent
e. A $112 invoice for office supplies for the main office
f. A $375 invoice for repairs to Backhoe 2
g. A $563 invoice for nails. The nails will be placed in inventory until they are needed on the jobs, at which time they will be billed to the jobs.

What are the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as a result of all of these invoices?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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Chapter 3, Problem 6DQ

Chapter 3, Problem 9P

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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. 3DQ Ch. 3 - Which of the transactions from this chapter result...Ch. 3 - Prob. 5DQ Ch. 3 - Prob. 6DQ Ch. 3 - The following invoices are being entered into the...Ch. 3 - Prob. 9P 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,...Ch. 3 - Using the chart of accounts in Figure 2-1,...

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