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I am having trouble with this problem, all help is greatly appreciated. I will upvote. Section 1 Determine the changes to the income statement, balance

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I am having trouble with this problem, all help is greatly appreciated. I will upvote.

Section 1 Determine the changes to the income statement, balance sheet, job cost ledger, and equipment ledger based on the following transactions. Show each transaction graphically, then complete Section 2. a. b. C d. e. Record a bill for lumber used in job 302 in the amount of $6,157 Record a $18,444 bill received from a subcontractor for work performed at job 302, and you will withhold 10% of that bill Pay for office rent in the amount of $2,711 Send an invoice to an owner for $20,082. The owner will withhold 10% retention. Record repairs to backhoe 27 in the amount of $495 Record depreciation for backhoe 27 in the amount of $524 Record a bill received for telephone service in the amount of $194 Pay a bill for concrete for job 302 in the amount of $6,924 Bill job 302 for backhoe 27 in the amount of $764 Receive a check from an owner for progress payment for $22,709. No retention was withheld. f. 8 h. i. j. Section 2 For the current accounting period, using the percentage of completion accounting method and assuming no changes other than those listed above, what are you now showing for the following accounts? 1 Revenues 2 Total Construction Costs 3 Total Equipment Costs 4 Gross Profit 5 Total Overhead Expenses 6 Net Profit from Operations 7 Total Current Assets (current period) 8 Net Fixed Assets (current period) 9 Total Current Liabilities (current period) 10 Total Equity (current period) Income Statement Group Revenues 1,314,044 Construction Costs Materials Labor Subcontract Equipment Other Total Construction Costs 44,986 74,231 313,628 105,049 59,834 597,728 Equipment Costs Rent and Lease Payment Depreciation Repairs and Maintenance Fuel and Lubrication Taxes, Licenses, and Insurance Equipment Costs Charged to Jobs Equipment Costs Charged to Employees Total Equipment Costs 269,553 (7,272) 2,834 3,169 2,188 (2,056) (2,188) 266,228 Gross Profit 450,088 Overhead 31,506 Net Profit from Operations 418,582 Other Income and Expenses 19,014 Profit Before Taxes 437,596 Income Tax 122,527.00 Profit After Taxes 315,069 Balance Sheet Group: Current Period 5 Previous Period ASSETS Current Assets Cash Accounts Receivable - Trade Accounts Receivable- Inventory Cash and Profits in Excess of Notes Receivable Pre-paid expenses Other current assets Total Current Assets 355,022 526,074 29,833 41,836 52,323 18,422 9,333 23,294 1,056,137 204,558 399,393 25,834 38,840 45,684 13,484 4,998 12,467 745,258 Fixed Assets Land Buildings Construction Equipment Trucks and Autos Office Equipment Total Fixed Assets Less accumulated depreciation (Negative Value) Net Fixed Assets 184,555 138,080 153,252 89,320 49,808 615,015 126,285 123,392 129, 160 25,754 32,587 437,178 (10,573) 604,442 (11,411) 425,767 Other Assets Total Assets 177,765 1,838,344 170,586 1,341,611 LIABILITIES Current Liabilities Accounts payable-trade Accounts payable - retention Billings in excess of costs and Notes payable Accrued payables Acorued taxes Accrued vacation Capital lease payable Warranty reserves Other current liabilities Total Current Liabilities 429, 190 20,256 57,143 27,541 16,287 12,801 6,705 358,274 10,900 33,706 8,950 8,064 5,937 6,460 47.156 42,119 659,198 44,822 35,149 512,262 Long-Term Liabilities Long-Term Liabilities Total Liabilities 88,214 747,412 53,486 565,748 Owner Equity Capital stock Retained earnings Current Period Net Income Total Equity 11,870 1,079,062 10,000 765,863 1,090,932 775,863 Total Liabilities & Stockholder 1,838,344 1,341,611

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