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 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. Employer's CostsWagesSocial SecurityMedicareSUTAFUTALiability InsuranceWorkers' Comp.Health InsuranceVacationTotalEmployee DeductionsSocial SecurityMedicareFederal WithholdingsState WithholdingsHealth InsuranceTotal600.0037.208.7018.004.8012.0054.0040.0038.92813.6237.208.7059.8536.0060.00201.75400.0024.805.8012.003.208.0036.0040.0029.79559.5924.805.8029.8524.0060.00144.45350.0021.705.0810.502.807.0031.5040.0027.51496.0921.705.0822.3521.0060.00130.13500.0031.007.2515.004.0010.0015.0040.0033.20655.4531.007.2544.8530.0060.00173.101,850.00114.7026.8355.5014.8037.00136.50160.00129.422,524.75114.7026.83156.90111.00240.00649.43

Answer: Balance Sheet : Assets 130 Inventory. $ 0…

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 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.

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 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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