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    CIE587 HW2 Template

    Uploaded by

    ahmad
    This document contains transactions and balance sheets for a construction company for July 31st and August 31st. It shows materials, labor, subcontracts, revenue, general expenses, assets, liabilities, and owner's equity for the company over this period. The company purchased materials, incurred labor costs, completed subcontract work, billed and received payment for a project. It also paid expenses, purchased equipment, and the owner withdrew cash. The income statement and ending balance sheet are provided for August 31st.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    CIE587 HW2 Template

    Uploaded by

    ahmad
    30 views11 pages
    This document contains transactions and balance sheets for a construction company for July 31st and August 31st. It shows materials, labor, subcontracts, revenue, general expenses, assets, liabilities, and owner's equity for the company over this period. The company purchased materials, incurred labor costs, completed subcontract work, billed and received payment for a project. It also paid expenses, purchased equipment, and the owner withdrew cash. The income statement and ending balance sheet are provided for August 31st.

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    CIE587-HW2-Template(2)

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    This document contains transactions and balance sheets for a construction company for July 31st and August 31st. It shows materials, labor, subcontracts, revenue, general expenses, assets, liabilities, and owner's equity for the company over this period. The company purchased materials, incurred labor costs, completed subcontract work, billed and received payment for a project. It also paid expenses, purchased equipment, and the owner withdrew cash. The income statement and ending balance sheet are provided for August 31st.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    30 views11 pages

    CIE587 HW2 Template

    Uploaded by

    ahmad
    This document contains transactions and balance sheets for a construction company for July 31st and August 31st. It shows materials, labor, subcontracts, revenue, general expenses, assets, liabilities, and owner's equity for the company over this period. The company purchased materials, incurred labor costs, completed subcontract work, billed and received payment for a project. It also paid expenses, purchased equipment, and the owner withdrew cash. The income statement and ending balance sheet are provided for August 31st.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
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    CIE587 - HW2 Solution

    Item

    Balance sheet as of July 31, 20XX


    1
    a
    b
    c
    d

    2
    a
    b
    c

    3
    a
    b
    c

    4
    a
    b

    5
    a
    b

    c
    d
    e
    f
    g
    h
    i
    j

    k
    Balance sheet as of August 31, 20XX
    CIE587 - HW2 Solution

    Transactions

    Balance sheet as of July 31, 20XX


    Materials
    Purchased $20,000 on credit for Argus project
    Purchased $14,000 for cash ($10,000 of them to be used on Argus project)
    Fabricated and/or Installed $30,000
    Returned $2,000 for credit

    Labor
    Incurred $26,000
    Paid $3,000 for labor incurred in July
    Paid $24,000 for labor incurred in August

    Subcontracts
    Incurred $74,000 in subcontract costs on Argus
    Paid $56,000 on past subcontract bills
    Paid $13,000 on Argus subcontracts

    Revenue/Billing
    Performed and billed $156,000 for total contract amount on Argus
    Received $127,000 on work completed before August

    General and Administrative


    Paid $10,000 as office worker payroll
    Purchased and paid $7,200 for a new equipment (on August 15)with 3 year life
    Equipment depreclation by end of August (assuming salvage value=0) (assuming 17 days
    from 15 to 31)
    Purchased $6,000 office supplies on credit
    Purchased $4,000 office supplies for cash
    Paid $8,000 for office supplies purchased in August and earlier
    Loaned new superintendent $3,000 for personal expenses
    August equipment depreclation expense = $2,000
    Leased crane (on August 1) from dealer for 2 years for $24,000
    Paid $4,000 on crane lease
    You (as owner) withdrew $7,000 from the company to pay personal expenses

    Rented out a backhoe for 4 months at $1,500/month (Contract signed on August 15) and
    your company received half of the total rent in cash as advance payment
    Performing half a month of prepaid services
    Balance sheet as of August 31, 20XX
    Assets -

    +Accounts +Notes +Prepaid


    Cash +Inventory +Equipment -
    Receivable Receivable Expense
    $ 43,000 $ 140,000 $ 12,000 $ - $ 49,000 $ 6,000

    $ 20,000
    $ (14,000) $ 14,000
    $ (30,000)
    $ (2,000)

    $ (3,000)
    $ (24,000)

    $ (56,000)
    $ (13,000)

    $ 156,000
    $ 127,000 $ (127,000)

    $ (10,000)
    $ (7,200) $ 7,200
    $ (112)

    $ (4,000)
    $ (8,000)
    $ (3,000) $ 3,000
    $ (2,000)

    $ (4,000) $ 3,000
    $ (7,000)

    $ 3,000
    $ 19,800 $ 169,000 $ 14,000 $ 3,000 $ 54,088 $ 9,000

    $ (153,200)
    Liabilities + Owners' Equity

    Accounts +Notes +Prepaid


    + Owners' Equity
    Payable Payable Services
    $ 73,000 $ - $ 7,000 $ 170,000

    $ 20,000

    $ (30,000)
    $ (2,000)

    $ 26,000 $ (26,000)
    $ (3,000)
    $ (24,000)

    $ 74,000 $ (74,000)
    $ (56,000)
    $ (13,000)

    $ 156,000

    $ (10,000)

    $ (112)
    $ 6,000 $ (6,000)
    $ (4,000)
    $ (8,000)

    $ (2,000)

    $ (1,000)
    $ (7,000)

    $ 3,000
    $ (750) $ 750
    $ 117,000 $ 9,250 $ 142,638
    PART 2)
    Income Statement
    For the Month Ending August 31, 20XX

    Contract revenue earned

    Cost of revenue earned


    Gross profit
    General and administrative
    expenses
    Income from operations
    Other income
    Owner withdrew cash
    Net income

    Balance Sheet
    August 31, 20XX

    Assets

    Cash $19,800.00
    Account Receivable $169,000.00
    Inventory $14,000.00
    Notes Receivable $3,000.00
    Equipment $54,088.00
    Prepaid Expenses $9,000.00

    Total Assets $268,888.00


    nt
    ust 31, 20XX

    $156,000.00

    $130,000.00
    $26,000.00

    $23,112.00
    $2,888.00
    $750.00
    $7,000.00

    nce Sheet
    st 31, 20XX

    Liabilities and Owners Equity

    Account Payable $117,000.00


    Notes Payable
    Prepaid Service $9,250.00
    Total Liabilities $126,250.00

    Owner's Equity $142,638.00

    Total Liab. & O.E. $268,888.00 note in depreciaaition I used it 17 days since aug is 31
    ce aug is 31

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