Determine the changes to the balance sheet, income statement, and job cost ledger of a $10,000 subcontractor's invoice f

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Determine The Changes To The Balance Sheet Income Statement And Job Cost Ledger Of A 10 000 Subcontractor S Invoice F 1 (66.97 KiB) Viewed 34 times

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 INCOME STATEMENT EXPENSES REVENUES 630 Subcontract 310 Accounts Payable-Trade 311 Accounts Payable- Retention PROFIT EQUITY 430 Current Period Net Income JOB COST EXPENSES 110.01.22100S