This is a group assignment. The following invoices are being entered into the accounting system. Using the chart of accounts in Figure 2-1, determine the changes in the to the balance sheet, income 1. statement, job cost ledger, and equipment ledger as the result of entering the each of the following invoices: a. A $5,000 invoice of concrete charged to job cost code 315.01.02620M. b. A $12,350 invoice from subcontractor for plumbing charged to job cost code 309.02.15100S. Ten percent retention is withheld from the invoice. c. A S255 phone bill charged to job cost code 315.01.018000 d. A S1,352 bill for office rent e. A S112 invoice for office supplies. f. A S375 invoice for repairs to Backhoe 2. g. A $563 invoice for nails. The nails will be placed in inventory until they are needed on the jobs, at which time they will be billed to the jobs. What are the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as a result of all of these invoices? 2. The time cards are being entered into the accounting system for four employees, The costs for Employee 1 are to be billed to job cost code 302.01.0110OL Ten hours of Employee 2 time is to be billed to job cost code 302.01.06110L and the remaining 30 hours are to be billed to job cost code 302.01.06210L Employee 3 took vacation this entire week and Employee 4 Works in the main office. The employee costs and deductions withheld from the employee's check are shown below. Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, Income statement, job cost ledger and equipment ledger as the result of entering the employees' time into the accounting system: a Assignment+1.pdf (page 2 of 2) v Employee (S) Total Employer's Costs Wages Social Security Medicare 600.00 400.00 350.00 500.00 1,850.00 114.70 26.83 55.50 14.80 37.20 24.80 21.70 7.25 18.00 100 3.20 SUTA Liability Insurance Workers' Comp. Health Insurance Vacation 12.00 54.00 40.00 36.00 40.00 29.79 4.00 10.00 15.00 40.00 40.00 s 27.51 36.50 160.00 31.50 129.42 813.62 559.59 496.09 655.45 2,524.75 Total Employee Deductions Social Security Medicare Federal Withholdings State Withholdings Health Insurance 37.20 24.80 114.70 26.83 156.90 111.00 60.00 649.43 21.70 5.80 29.85 24.00 60.00 144.45 31.00 7.25 44.85 30.00 60.00 173.10 59.85 36.00 60.00 22.35 21.00 60.00 Total 130.13 3. Using the chart of accounts in Figure 2-1, Determine the changes to the balance sheet, income statement, job cost ledger and equipment ledger as the result of paying the employees in Problem 2 for one week's work 4. Using the chart of accounts in Figure 2-1, Determine the changes to the balance sheet, income statement, job cost ledger and equipment ledger as the result of paying a $5,000 invoice for concrete charged to job cost code 302.01.02620M, $2,273.80 for federal employee taxes, and $1,732 for health insurance. The invoices were previously entered into accounting system. 5. Using the chart of accounts in Figure 2-1, Determine the changes to the balance sheet, income statement, job cost ledger and equipment ledger as the result of billing a elient $368,264 for job 313. The bill includes $249,996 for the work performed during the last month and $118,268 for retention withheld from the previous month's payments. Retention will not be withheld on the $249,996. 6. Using the chart of accounts in Figure 2-1, Determine the changes to the balance sheet, income statement, job cost ledger and equipment ledger as the result of receiving payment from the owner for the bill in problem 5 7. Using the chart of accounts in Figure 2-1, Determine the changes to the balance sheet, income statement, job cost ledger and equipment ledger as the result of purchasing a new loader (Loader 3) to replace the existing loader (Loader 2). The new loader costs SI15,200. The new loader will be paid by trading in the existing loader for a credit of $15,200 and the remaining $100,000 will be financed through the dealership. The existing loader was purchased for $95,000 and $83,230 of depreciation had been taken