Month End Close
This adjustment ensures costs are recorded in the correct reporting period.
What is an accrual entry?
A payment made in advance for services that will be recognized over time.
What is prepaid expense?
This role is responsible for tracking costs, preparing reports, and supporting month-end close for projects.
What is a project accountant (PA)?
This increases both assets and expenses.
What is a debit?
This measure indicates how much profit remains after all expenses.
What is net income?
This is required when actual results differ from budget or prior month expectations.
What is a variance/footnote explanations?
Builder deposits held before final closing that are not yet recognized as revenue.
What is escrow?
These are all the divisions at Kolter.
What is Land, Multi Family, Towers, Homes, Hospitality, KTitle.
This increases both liabilities and revenue.
What is a credit?
This report shows profitability over a specific period.
What is the income statement?
This represents costs incurred on a project that have not yet been recognized through closings
What is WIP (work in progress)?
Proceeds recorded when a lot closes and ownership transfers to the builder.
What is revenue?
This is the amount of years Rich has been with Kolter.
What is 16 years!
Reversing a prior month accrual.
What is a debit to accrued liabilities and credit to expense?
This explains the difference between budget and actual results.
What is variance analysis?
This records revenue and relieves cost of sales when a lot is sold to a builder
What is a lot sale journal entry?
Costs relieved from inventory when a lot is sold to a builder.
What is cost of sales?
At least three investment partners at Kolter.
Who are Cerebus, Skulptor, Varder, Brookfield, Helm, Lennar, Casto? (any 3)
These types of accounts normally carry a debit balance.
What are asset or expense accounts?
This measures the difference between lot sale revenue and associated costs.
What is gross margin on lot sales?
This intercompany charge compensates for administrative and project oversight services.
Prior year profit being rolled forward at the start of a new fiscal year.
What is retained earnings or equity?
This the year Kolter Group was founded in Florida.
What is 1997?
Recognizing a portion of a prepaid cost in the current period.
What is a debit to expense and credit to prepaid expense?
This revises expected future costs and margins based on current performance.
What is a Proforma/forecast update?