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Determine the changes to the balance sheet, income statement, and job cost ledger of a $10,000 subcontractor's invoice for plumbing work charged to cost
Determine the changes to the balance sheet, income statement, and job cost ledger of a $10,000 subcontractor's invoice for plumbing work charged to cost code 22100 Plumbing on Phase 1 of Job Number 110. When paying the bill the contractor will withhold 10% retention. Please use the table below to answer the following questions. 1. What's the value of 310 Accounts payable-trade? 2. What's the value of 311 Accounts payable-retention? 3. What's the value of 430 Current Period Net Income? 4. What's the value of 630 Subcontract? 5. What's the value of Profit? BALANCE SHEET ASSETS LIABILITIES 310 Accounts Payable-Trade 311 Accounts INCOME STATEMENT EXPENSES 630 Subcontract REVENUES JOB COST EXPENSES 110.01.22100S Payable- Retention EQUITY 430 Current Period Net Income PROFIT
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