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Category > Accounting Posted 27 May 2017 My Price 6.00

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

 

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.

 
 

Answers

Alpha Geek
(8)
Status NEW Posted 27 May 2017 04:05 PM My Price 6.00

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Attachments

file 1495904433-Answer.docx preview (152 words )
T-----------ran-----------sac-----------tio-----------ns -----------dur-----------ing----------- th-----------e p-----------eri-----------od -----------1 D-----------ece-----------mbe-----------r 2-----------015----------- to----------- 30----------- No-----------vem-----------ber----------- 20-----------16 -----------are----------- gi-----------ven----------- be-----------low----------- fo-----------r A-----------BC -----------Con-----------str-----------uct-----------ion-----------. -----------(1)----------- To-----------tal----------- in-----------com-----------e (-----------fee-----------s) -----------fro-----------m c-----------ons-----------tru-----------cti-----------on -----------con-----------tra-----------cts----------- $4-----------00,-----------000----------- (-----------2) -----------Mat-----------eri-----------al -----------inv-----------ent-----------ory----------- pu-----------rch-----------ase-----------d o-----------n a-----------cco-----------unt----------- 80-----------,00-----------0 -----------(3)----------- To-----------tal----------- of-----------fic-----------e r-----------ent----------- pa-----------id -----------20,-----------000----------- (-----------4) -----------Sal-----------ari-----------es -----------pai-----------d t-----------o e-----------ngi-----------nee-----------rs -----------90,-----------000----------- (-----------5) -----------Acc-----------oun-----------ts -----------rec-----------eiv-----------abl-----------e c-----------oll-----------ect-----------ed -----------60,-----------000----------- (-----------6) -----------Acc-----------oun-----------t p-----------aya-----------ble----------- pa-----------id -----------30,-----------000----------- (-----------7) -----------Sub-----------con-----------tra-----------cto-----------r a-----------cco-----------unt-----------s p-----------aid----------- 70-----------,00-----------0 -----------(8)----------- Bi-----------ddi-----------ng -----------exp-----------ens-----------es -----------20,-----------000-----------
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