Chapter 3 1. ABC Framing has been hired to frame a light commercial building. The project began on July 2 and was completed on August 9. The following is a list of accounting transactions associated with the project. For each transaction, determine the changes that occur on the balance sheet, income statement, and job cost ledger as a result of that transaction and the year-to-date totals by general ledger account ad job cost code. The company uses the chart of accounts in Figure 2-1(see attached). The general contractor does not hold retention (retainage). All costs are billed to job cost code 1005.06110. The appropriate cost type (M. L. or E) needs to be added to the job cost code. The company rents its equipment and the equipment is billed directly to the job cost ledger, therefore they do not keep an equipment ledger. After you have entered all of the transactions, plot the daily balance of the cash account and profit for the project a. On July 11 the time cards were entered into the accounting system. The following costs were recorded: wages due to employers, 84.299.52, social security, 5602.88: Medicare, S142,08; SUTA. $268.16; FUTA, 55.76; workers' compensation, $425.92: general liability, $38.08; and employer-paid health insurance, $288.80. b. On July 13 the employees were paid for the time entered into the accounting system on July 11. c. On July 18 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374 40: social security, 5753.60; Medicate, $177,60; SUTA. $335.20. FUTA. $7.20; workers' compensation. $532.40; general liability, S47-60, and employer-paid health instirance, $360,00 d. On July 20 the employees were paid for the time entered into the accounting system on July 18, e On July 25 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40: social security. 5753,60; Medicare, $177,60; SUTA. 5135,20; FUTA, $7.20, worker's compensation, 5532 40; general liability, $47.60), and employer paid health insurance $360,00 1. On July 27 the employees were paid for the time entered into the accounting system on July 25, On July 31, the social security Medicare, SUTA FUTA, workers compensation, general liability, and employer- paid health insurance premiums recorded during July were paid h. On August the time cards were entered into the accounting system. The following costs were recorded: wapes due to employees, $5,374.40; social security, 575340; Medicare, $177.60, SUTA, 8335.20 FUTA, 57.20, worker's compensation, $532.40: general liability, $47.60) and employer-paid health insurance, $360,00 On August 2 a hit for materials (6.2 nails, hardware and small tools) in the amount of $3,846 was entered into the accounting system. A bill for the forklift rental in the amount of 58720 was also entered, On August 3 the employees were paid for the time entered into the accounting system on Augusti Delegation.docx 8 Od de onlayn wer332 MIASTA 51520FUTA re 1. ABC Framing has been hired to frame. The propean July and was cele Asst. The following is a list of conting with the project for eachtraction determine the chance to the balance sheet und job con ledge of that transaction and the year-to-date to by mal ledger tende. The company was the chart of si Pipare le attached the peneral contracte e All chilled to job outcode 06.10. The appropriate conte needs to be added to the job cestoode. The company resitsient and then is billeddiato e con le refore they do not keep equipment ledger Alet you have entered the lace the case scent and profit w the at the time and created in the comm. The following were made wapen due to employees 54.2995 cility SC Mic. 51620, SUTA S3616 FUTA, 5.76 workers competi035.92. general ability. 58.6 ander guidheal immunce.288.80 On July 13 the employees weed for them to the women July 11 De July 18the time cards were entered into the che filterences were recorded was dar temple 55.174. ol security S756, 5776 SUTA 538530 HTA. 57. work.com 12.42 5676 & Only 20 the emples were paid for the commonly Os July 25 the time and we them. The followings were recent was y S7 epud health insurance, 360.00 LOMSUTA LA 2 comply with the commonly 25 w city, and employer paid carpeenmode Juvent Onupud the time and were the followings were conded was SI SUTA 55.202FUTA 17.30 De August 2lt for materiales del mall the most of $3.546 was entered into de conting system. A fee foseta S8T20 was altered De Auguste employees were paid for the secondecorating tempat TESSO De Augustine care The following contented was worker.com $5124 ST guidelines 1948 euro 752 Male SIASUTA 5328.28 PUTA 87.33 for the time the system an Apus and were cred decomplice SS. Spilleadh murance 360.00 Ou August 15 the materials and the coming up wed Opus 17 de employees were paid for the for the time 15. . Aut 17 al foc fortal in the weste 23 med store conting som De Auuu 25 payment was received for the generace By elity, employer paid haltercepemimmer Augusti 10 August 31 the forklift rental bill membed on Aug 17 Os September the materiale si atata the 15 entered to the singlem. * Os September the general com was billed for Se Jy's week On September is the materials will recedod September 13 wapid On September 25 payment is received from the work deste aplies Selecteerd in conforme 5532.40.375 M.SITASUTAFUTA. 57.30 Chapter 3 1. ABC Framing has been hired to frame a light commercial building. The project began on July 2 and was completed on August 9. The following is a list of accounting transactions associated with the project. For each transaction, determine the changes that occur on the balance sheet, income statement, and job cost ledger as a result of that transaction and the year-to-date totals by general ledger account ad job cost code. The company uses the chart of accounts in Figure 2-1(see attached). The general contractor does not hold retention (retainage). All costs are billed to job cost code 1005.06110. The appropriate cost type (M. L. or E) needs to be added to the job cost code. The company rents its equipment and the equipment is billed directly to the job cost ledger, therefore they do not keep an equipment ledger. After you have entered all of the transactions, plot the daily balance of the cash account and profit for the project a. On July 11 the time cards were entered into the accounting system. The following costs were recorded: wages due to employers, 84.299.52, social security, 5602.88: Medicare, S142,08; SUTA. $268.16; FUTA, 55.76; workers' compensation, $425.92: general liability, $38.08; and employer-paid health insurance, $288.80. b. On July 13 the employees were paid for the time entered into the accounting system on July 11. c. On July 18 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374 40: social security, 5753.60; Medicate, $177,60; SUTA. $335.20. FUTA. $7.20; workers' compensation. $532.40; general liability, S47-60, and employer-paid health instirance, $360,00 d. On July 20 the employees were paid for the time entered into the accounting system on July 18, e On July 25 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40: social security. 5753,60; Medicare, $177,60; SUTA. 5135,20; FUTA, $7.20, worker's compensation, 5532 40; general liability, $47.60), and employer paid health insurance $360,00 1. On July 27 the employees were paid for the time entered into the accounting system on July 25, On July 31, the social security Medicare, SUTA FUTA, workers compensation, general liability, and employer- paid health insurance premiums recorded during July were paid h. On August the time cards were entered into the accounting system. The following costs were recorded: wapes due to employees, $5,374.40; social security, 575340; Medicare, $177.60, SUTA, 8335.20 FUTA, 57.20, worker's compensation, $532.40: general liability, $47.60) and employer-paid health insurance, $360,00 On August 2 a hit for materials (6.2 nails, hardware and small tools) in the amount of $3,846 was entered into the accounting system. A bill for the forklift rental in the amount of 58720 was also entered, On August 3 the employees were paid for the time entered into the accounting system on Augusti Delegation.docx 8 Od de onlayn wer332 MIASTA 51520FUTA re 1. ABC Framing has been hired to frame. The propean July and was cele Asst. The following is a list of conting with the project for eachtraction determine the chance to the balance sheet und job con ledge of that transaction and the year-to-date to by mal ledger tende. The company was the chart of si Pipare le attached the peneral contracte e All chilled to job outcode 06.10. The appropriate conte needs to be added to the job cestoode. The company resitsient and then is billeddiato e con le refore they do not keep equipment ledger Alet you have entered the lace the case scent and profit w the at the time and created in the comm. The following were made wapen due to employees 54.2995 cility SC Mic. 51620, SUTA S3616 FUTA, 5.76 workers competi035.92. general ability. 58.6 ander guidheal immunce.288.80 On July 13 the employees weed for them to the women July 11 De July 18the time cards were entered into the che filterences were recorded was dar temple 55.174. ol security S756, 5776 SUTA 538530 HTA. 57. work.com 12.42 5676 & Only 20 the emples were paid for the commonly Os July 25 the time and we them. The followings were recent was y S7 epud health insurance, 360.00 LOMSUTA LA 2 comply with the commonly 25 w city, and employer paid carpeenmode Juvent Onupud the time and were the followings were conded was SI SUTA 55.202FUTA 17.30 De August 2lt for materiales del mall the most of $3.546 was entered into de conting system. A fee foseta S8T20 was altered De Auguste employees were paid for the secondecorating tempat TESSO De Augustine care The following contented was worker.com $5124 ST guidelines 1948 euro 752 Male SIASUTA 5328.28 PUTA 87.33 for the time the system an Apus and were cred decomplice SS. Spilleadh murance 360.00 Ou August 15 the materials and the coming up wed Opus 17 de employees were paid for the for the time 15. . Aut 17 al foc fortal in the weste 23 med store conting som De Auuu 25 payment was received for the generace By elity, employer paid haltercepemimmer Augusti 10 August 31 the forklift rental bill membed on Aug 17 Os September the materiale si atata the 15 entered to the singlem. * Os September the general com was billed for Se Jy's week On September is the materials will recedod September 13 wapid On September 25 payment is received from the work deste aplies Selecteerd in conforme 5532.40.375 M.SITASUTAFUTA. 57.30