Reference no: EM13909365
I. WIP Adjusting Entries:
I work for a general contractor that bids on commercial and residential projects. They do some of the work themselves and they also utilize subcontractors to assist with the work.
How do I properly capture WIP on the books every month? Please provide an example step by step assuming we were awarded a $200,000 project.
I believe I have to record the work that is completed and billed and for the costs that are accumulated during the month.
I see general ledger accounts for "Under-billed" and Over-billed" but cannot figure out whether or not they are accurate, or how they are being calculated.
How do I close out the WIP account after the project is 100% complete?
Lastly, how do I know the numbers I am recording are correct? What is the "check" I can do to ensure I am recording accurately?
II. Line of Credit:
How do I properly record a new line of credit? We are applying for a $500,000 line of credit and I need to know which accounts I have to use.
Also, how do I record usage as we USE the line of credit funds?
III. Closing the Doors:
How do I figure out what would be left if the company had to close its' doors tomorrow? Would you please walk me thru that?
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