Construction Accounting And Financial Management (4th Edition)
4th Edition
ISBN: 9780135232873
Author: Steven J. Peterson MBA PE
Publisher: PEARSON
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Question
Chapter 3, Problem 9P
To determine
Identify the changes to income statement,
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A job was started on May 15, completed on June 27, and delivered to the customer on July 6. In which accounts would the costs be recorded on the financial statements dated May 31, June 30, and July 31?
ARE YOU RIGHT OR WRONG?
1. Ideally, each salary check was handed to the employee, who signs a receipt for it.
2. The total revenue taxes deducted from an employee's gross compensation is a business expenditure.
3. The Task in Process account is debited for the amount of direct labour (at normal rate) invoiced to the various works in progress.
18. What is the certificate that is given to employee at the end of the year to aid him in the filing of his annual income tax return?
a. Certificate of income tax withheld
b. Certificate of employment.
c. Certificate of compensation payment - tax withheld.
d. Certificate of salaries paid.
19. In a job-order costing system, the cost incurred to rework unit that are common to all jobs should be debited to:
a. Work in Process
b. Manufacturing Overhead
c.Materials
d. Manufacturing Overhead Applied
20. In a job-order costing system, the recovery value of scrap that is significant in economic value, abnormal and due to the nature of particular jobs should be credited to:
a. Work in Process
b. Manufacturing Overhead
c.Loss from Abnormal Spoilage
d.Materials
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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Similar questions
- The entry to record other factory overhead costs incurred during the month would include a.a debit to Factory Overhead. b.a debit to Work in Process. c.a credit to Work in Process. d.a credit to Factory Overhead.arrow_forwardselected transactions for the current month are cated by letters in the following T accounts in a job er cost accounting system: Materials (a) Wages Payable (b) Factory Overhead (C) (a) (b) (c) (d) (e) cribe each of the five transactions. Work in Process (d) Finished Goods (e) Cost of Goods Soldarrow_forwardUsing 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 billing a client $368,264 for Job 313. The bill includes $249,996 for work performed during the last month and $118,268 for retention withheld from the previous month’s payments. Retention will not be withheld on the $249,996.arrow_forward
- Prepare a T-account for each account on the company’s balance sheet, and enter the beginning balances. Make entries directly into the T-accounts for the transactions given above. Create new T-accounts as needed. Determine an ending balance for each T-account. Was manufacturing overhead underapplied or overapplied for the year? Assume that the company allocates any overhead balance among the Work in Process, Finished Goods, and Cost of Goods Sold accounts, using the overall balances in each account. Prepare a journal entry to show the allocation. (Round allocation percentages to one decimal place.) Prepare an income statement for the year. (Do not prepare a schedule of cost of goods manufactured; all of the information needed for the income statement is available in the T-accounts.)arrow_forwardplease helparrow_forwardThe document that captures the total amount of time that individual workers spend on each production job is called aa. time card.b. job ticket.c. personnel action form.d. labor distribution form.arrow_forward
- 1-record the regular hours worked for each employee, using the time clerks report as your reference. 2-Complete the regular earnings columns(rate per hour and amount) for hourly employees. For only hourly employees that worked overtime, complete the overtime earnings columns (rate per hour amount)For salaried workers, complete the regular earnings column and show the hourly overtime rate and earnings only if overtime was worked 3-record the total earnings for each employee by adding the regular earnings and the overtime earningsarrow_forwardDuring the current month, a company that uses job order costing incurred a monthly factory payroll of $218,500. Of this amount, $52,000 is classified as indirect labor and the remainder as direct. Prepare journal entries to record these transactions. View transaction list Journal entry worksheet < 1 2 Record the cost of direct labor used. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journalarrow_forwardPlease answer thesearrow_forward
- A company that uses job order costing incurred a monthly factory payroll of $200,000. Of this amount, $52,000 is indirect labor and $148,000 is direct labor. Prepare journal entries to record the (a) use of direct labor and (b) use of indirect labor. View transaction list Journal entry worksheet 1 2 > Record the cost of direct labor used. Note: Enter debits before credits. Transaction General Journal Debit Credit а. Record entry Clear entry View general journalarrow_forwardA company that uses job order costing incurred a monthly factory payroll of $223,500. Of this amount, $43,000 is indirect labor and $180,500 is direct labor. Prepare journal entries to record the (a) use of direct labor and (b) use of indirect labor. View transaction list Journal entry worksheet < 1 Record the cost of direct labor used. 2 Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journalarrow_forwardJournalize the entries for the completion of the two jobs and the sale of Job 10.arrow_forward
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