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
- 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?
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Question 3
Categorize each of the following activities into the expenditure, conversion, or revenuecycles and identify the applicable subsystem:
preparing the weekly payroll for manufacturing personnel
releasing raw materials for use in the manufacturing cycle
recording the receipt of payment for goods sold
recording the order placed by a customer
ordering raw materials
determining the amount of raw materials to order
Q2. Categorize each of the following activities into the expenditure, conversion, or revenue cycles, and identify the applicable subsystem. a. Preparing the weekly payroll for manufacturing personnel b. Releasing raw materials for use in the manufacturing cycle c. Recording the receipt of payment for goods sold d. Recording the order placed by a customer e. Ordering raw materials f. Determining the amount of raw materials to order?
You are reviewing the general ledger of a construction client and notice that the
following expenses have been coded to supplies:
$100,000 applies to labor
$160,000 applies to materials
S50,000 applies to overhead
What AJE, if any, is needed?
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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