T Account entries for Simple Construction: Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet have the following values: Balance Sheet Entries for Last Year: Cash: 365,000 Accounts Receivable: $17,000 Materials Inventory: $2000 Equipment: $15,000 Accumulated Amortization: $500 Accounts Payable: $22,000 Bank Loan –Long Term: $10,000 Dividend Payable: $35,000 Interest Payable: $500 Wages Payable: $5,000 Common Stock: $250,000 Retained Earnings: $76,000 Income statement Final Entries for Last Year: Revenue: $145,000 Materials Expense: $20,000 Wages Expense: $10,000 Amortization Expense: $500 Rental Expense: $2,500 Interest Expense: $1000 Net Income: $111,000 Question 1a. Enter the relevant amounts in the T sheet to start the current year, and designate these entries with an “O”
T Account entries for Simple Construction:
Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet have
the following values:
Balance Sheet Entries for Last Year:
Cash: 365,000
Materials Inventory: $2000
Equipment: $15,000
Accumulated Amortization: $500
Accounts Payable: $22,000
Bank Loan –Long Term: $10,000
Dividend Payable: $35,000
Interest Payable: $500
Wages Payable: $5,000
Common Stock: $250,000
Income statement Final Entries for Last Year:
Revenue: $145,000
Materials Expense: $20,000
Wages Expense: $10,000
Amortization Expense: $500
Rental Expense: $2,500
Interest Expense: $1000
Net Income: $111,000
Question 1a.
Enter the relevant amounts in the T sheet to start the current year, and designate these entries with an “O”
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