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Accounting Transactions 23-1 Employee Costs and Deductions Employees Total yer's Costs Security 500.00 3720 8.70 18.00 4.80 12.00 54.00 40.00 38.92 813.62 400.00 24.80 5.80 12.00 3.20 8.00 38.00 40.00 350.00 21.70 5.08 10.50 2.80 7.00 31.50 40.00 27.51 496.09 500.00 31.00 7.25 15.00 4.00 10.00 15.00 40.00 33.20 655.45 1,850.00 114.70 26.83 55.50 14.80 37.00 138.50 180.00 129.42 2,524.75 Insurance Comp. Insurance fon 550.59 use Deductions Security 24.80 21.70 5.08 37.20 8.70 59.85 36.00 60.00 201.75 31.00 7.25 44.85 30.00 Withholdings Withholdings Insurance 29.85 24.00 60.00 144.45 22.35 21.00 60.00 130.13 114.70 26.83 156.90 111.00 240.00 649.43 80.00 173.10 Using the chart of accounts in Figure 2-1, determine ne changes to the balance sheet, income statement, job st ledger, and equipment ledger as the result of leas- ng a $55,000 dump truck (Dump Truck 11). The lease extends for five years, at which time the dump truck may be purchased for $5,000. The present value of the risc is $55,000. Using the chart of accounts in Figure 2-1, determine Le changes to the balance sheet, income statement, job sust ledger, and equipment ledger as the result of pay- 18 a $1,312 loan payment and a $1,050 capital lease Fayment. For the loan, $270 of the payment is interest und for the capital lease $692 of the payment is used to reduce the capital lease payable. sing the chart of accounts in Figure 2-1, determine the Danges to the balance sheet, income statement, job cost siger, and equipment ledger as the result of recording 500 in office depreciation, $1,920 in depreciation for nader 3, and $917 in amortization on the capital lease Er Dump Truck 11. sing the chart of accounts in Figure 2-1, determine se changes to the balance sheet, income statement, job est ledger, and equipment ledger as the result of billing EDD for Truck 22 to job cost code 302.01.01100E and O for personal use of Truck 22 to the superintendent 20. ABC Framing has been hired to frame a light commer- cial building. The project began on July 2 and was com- pleted on August 9. The following is a list of accounting transactions associated with the project. For each trans- action, 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 and job cost code. The company uses the chart of accounts in Figure 2-1. The general contractor doesn't withhold retention. 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 110 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 employees, $4,299.52; social security, $602.88; Medicare, $142.08; SUTA, $268.165 FUTA, $5.76; workers' compensation, $425.92, general liability. $38.08; and employer-paid health insurance, $288.00 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, $5,374.405 social security, $753.60; Medicare, $177.60; SUTA, Job 302 sing the chart of accounts in Figure 2-1, determine the lenges to the balance sheet, income statement, job cost bet and equipment ledger as the result of billing $200 nails from inventory to job cost code 302.01.06110M. 50 CHAPTER THREE $335.20; FUTA, $7.20; workers' compensation, $532.40; general liability, $47.60, and employer-paid health insurance, $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, $753.60, Medicare, $177.60; SUTA, $335.20; FUTA, $7.20; workers' compensation, $532.40; general liability, $47.60, and employer-paid health insurance, $360.00. f. On July 27 the employees were paid for the time entered into the accounting system on July 25. g. 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 1 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177.60; SUTA, $335.20; FUTA, $7.20; workers' compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360,00 i. On August 2 a bill for materials (e.g., 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 $6,720 was also entered j. On August 3 the employees were paid for the time entered into the accounting system on August 1. k. On August 5 the general contractor was billed $45,000 for July's work. I. On August 8 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177.60; SUTA, $335.20; PUTA, $7.20; workers' compensation, $532.40 general liability, $47.60; and employer-paid health insurance, $360,00 m. On August 10 the employees were paid for the time entered into the accounting system on August 8. n. On August 15 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177,60; SUTA, $335.20; FUTA, $7.20; workers' compensation, $532.40. general liability. 347.60s and employer-paid health insurance, $360.00 o. On August 15 the materials and equipment bills entered into the accounting system on August 2 were paid. p. On August 17 the employees were paid for the time entered into the accounting system on August 15. 4. On August 17 a bill for the forklift rental in the amount of $2,240 was entered into the accounting system I. On August 25 payment was received from the gen- eral contractor for July's work 8. On August 31, the social security, Medicare, SUTA, FUTA, workers' compensation, general liability, and employer-paid health insurance premiums recorded during August were paid. t. On August 31 the forlift rental bill recorded on August 17 was paid. u. On September 3 the bill for materials (eg, nails, hardware, and small tools) in the amount of $1,705 was entered into the accounting system. v. On September 5 the general contractor was billed for $20,800 for July's work w. On September 15 the materials bill recorded on September 3 was paid X. On September 25 payment is received from the gen- eral contractor for July's work. Employer's Costs Wages Social Security Medicare SUTA FUTA Liability Insurance Workers' Comp Health Insurance Vacation Total Employee Deductions Social Security Medicare Federal Withholdings State Withholdings Health Insurance Accounting Transactions 23-1 Employee Costs and Deductions Employees Total yer's Costs Security 500.00 3720 8.70 18.00 4.80 12.00 54.00 40.00 38.92 813.62 400.00 24.80 5.80 12.00 3.20 8.00 38.00 40.00 350.00 21.70 5.08 10.50 2.80 7.00 31.50 40.00 27.51 496.09 500.00 31.00 7.25 15.00 4.00 10.00 15.00 40.00 33.20 655.45 1,850.00 114.70 26.83 55.50 14.80 37.00 138.50 180.00 129.42 2,524.75 Insurance Comp. Insurance fon 550.59 use Deductions Security 24.80 21.70 5.08 37.20 8.70 59.85 36.00 60.00 201.75 31.00 7.25 44.85 30.00 Withholdings Withholdings Insurance 29.85 24.00 60.00 144.45 22.35 21.00 60.00 130.13 114.70 26.83 156.90 111.00 240.00 649.43 80.00 173.10 Using the chart of accounts in Figure 2-1, determine ne changes to the balance sheet, income statement, job st ledger, and equipment ledger as the result of leas- ng a $55,000 dump truck (Dump Truck 11). The lease extends for five years, at which time the dump truck may be purchased for $5,000. The present value of the risc is $55,000. Using the chart of accounts in Figure 2-1, determine Le changes to the balance sheet, income statement, job sust ledger, and equipment ledger as the result of pay- 18 a $1,312 loan payment and a $1,050 capital lease Fayment. For the loan, $270 of the payment is interest und for the capital lease $692 of the payment is used to reduce the capital lease payable. sing the chart of accounts in Figure 2-1, determine the Danges to the balance sheet, income statement, job cost siger, and equipment ledger as the result of recording 500 in office depreciation, $1,920 in depreciation for nader 3, and $917 in amortization on the capital lease Er Dump Truck 11. sing the chart of accounts in Figure 2-1, determine se changes to the balance sheet, income statement, job est ledger, and equipment ledger as the result of billing EDD for Truck 22 to job cost code 302.01.01100E and O for personal use of Truck 22 to the superintendent 20. ABC Framing has been hired to frame a light commer- cial building. The project began on July 2 and was com- pleted on August 9. The following is a list of accounting transactions associated with the project. For each trans- action, 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 and job cost code. The company uses the chart of accounts in Figure 2-1. The general contractor doesn't withhold retention. 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 110 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 employees, $4,299.52; social security, $602.88; Medicare, $142.08; SUTA, $268.165 FUTA, $5.76; workers' compensation, $425.92, general liability. $38.08; and employer-paid health insurance, $288.00 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, $5,374.405 social security, $753.60; Medicare, $177.60; SUTA, Job 302 sing the chart of accounts in Figure 2-1, determine the lenges to the balance sheet, income statement, job cost bet and equipment ledger as the result of billing $200 nails from inventory to job cost code 302.01.06110M. 50 CHAPTER THREE $335.20; FUTA, $7.20; workers' compensation, $532.40; general liability, $47.60, and employer-paid health insurance, $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, $753.60, Medicare, $177.60; SUTA, $335.20; FUTA, $7.20; workers' compensation, $532.40; general liability, $47.60, and employer-paid health insurance, $360.00. f. On July 27 the employees were paid for the time entered into the accounting system on July 25. g. 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 1 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177.60; SUTA, $335.20; FUTA, $7.20; workers' compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360,00 i. On August 2 a bill for materials (e.g., 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 $6,720 was also entered j. On August 3 the employees were paid for the time entered into the accounting system on August 1. k. On August 5 the general contractor was billed $45,000 for July's work. I. On August 8 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177.60; SUTA, $335.20; PUTA, $7.20; workers' compensation, $532.40 general liability, $47.60; and employer-paid health insurance, $360,00 m. On August 10 the employees were paid for the time entered into the accounting system on August 8. n. On August 15 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177,60; SUTA, $335.20; FUTA, $7.20; workers' compensation, $532.40. general liability. 347.60s and employer-paid health insurance, $360.00 o. On August 15 the materials and equipment bills entered into the accounting system on August 2 were paid. p. On August 17 the employees were paid for the time entered into the accounting system on August 15. 4. On August 17 a bill for the forklift rental in the amount of $2,240 was entered into the accounting system I. On August 25 payment was received from the gen- eral contractor for July's work 8. On August 31, the social security, Medicare, SUTA, FUTA, workers' compensation, general liability, and employer-paid health insurance premiums recorded during August were paid. t. On August 31 the forlift rental bill recorded on August 17 was paid. u. On September 3 the bill for materials (eg, nails, hardware, and small tools) in the amount of $1,705 was entered into the accounting system. v. On September 5 the general contractor was billed for $20,800 for July's work w. On September 15 the materials bill recorded on September 3 was paid X. On September 25 payment is received from the gen- eral contractor for July's work. Employer's Costs Wages Social Security Medicare SUTA FUTA Liability Insurance Workers' Comp Health Insurance Vacation Total Employee Deductions Social Security Medicare Federal Withholdings State Withholdings Health Insurance