Journalize all of the above transactions

Assignment Help Finance Basics

Reference no: EM131135905

Transactions during the period 1 December 2015 to 30 November 2016 are given below for ABC Construction.

(1) Total income (fees) from construction contracts	$400,000
(2) Material inventory purchased on account	80,000
(3) Total office rent paid	20,000
(4) Salaries paid to engineers	90,000
(5) Accounts receivable collected	60,000
(6) Account payable paid	30,000
(7) Subcontractor accounts paid	70,000
(8) Bidding expenses	20,000
(9) Building depreciation	40,000
(10) Construction equipment depreciation	30,000

Using the transactions presented in Appendix B as a guide:

§ Journalize all of the above transactions.

§ Post journal entries to appropriate accounts.

§ Develop the Income Statement for period 1 December 2015 to 30 November 2016.

§ Develop the Balance Sheet for ABC Construction as of 30 November2016.

Reference no: EM131135905

Questions Cloud

Describe your thesis regarding the future of cybersecurity : Describe your thesis regarding the future of cybersecurity. Analyze the future of cybersecurity, including any opportunities for cooperation between the government and the private sector in creating or building a national cybersecurity infrastruct..

What is alternative processing - pretrial diversion : What is alternative processing/pretrial diversion and When is it used? How does it work? How does it alleviate over-crowding in the prison system?

How are these programs advantageous : Many states have occasionally adopted amnesty programs that allow taxpayers to pay back taxes with reduced penalties. Besides the revenue generated, how are these programs advantageous? Could an amnesty program be used by a state that does not levy a..

Determine the depreciation allowed for tax purposes : Determine the depreciation allowed for tax purposes for the 2008 tax year. The tax year runs from January to December. Ignore all Section 179 deductions.

Journalize all of the above transactions : Transactions during the period 1 December 2015 to 30 November 2016 are given below for ABC Construction.

Creates a dynamic externality : Show that an increase in a1 for group 1 workers now creates a dynamic externality, in the sense that current output increases, which leads to greater physical and human capital investments in the next period.

What is the amount of the risk premium on zoom stock : If the yield to maturity is 7.4 percent, what is the current price of the bond and what is the required return on the company's stock?

About affirmative action programs in colleges-universities : Which of the following is NOT true about affirmative action programs in colleges and universities?

Which of these do you believe to be the most effective : Summarize the following theories: just in time (JIT), Toyota Production System (TPS), and Lean. How are these concepts related? Describe the advantages and disadvantages for using each of these concepts at the company presented in the case study.

User Account

All Pages