VA Contractors: VA Advanced (Class A)
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A lump sum contract on a project has
a total contract price of $160,000. Re-
tainage has been held back at 10%.
The contractor has received progress
payments for 75% of the project. The More than $50,000
contractor submits a request for final
payment for the new completed pro-
ject. The final payment amount should
be for...
What is the total value of current as-
sets for an accrual basis company
that has the following? Checking ac-
count cash balance is $4,800; mate-
rials inventory for work-in-progress
is $4,200; a pick-up truck that cost Between $12,000 and $16,000
$12,460- paid for with $2,460 in cash
and a note for $10,000- and is used
100% in the business; accounts re-
ceivable is $5,700; suppliers' accounts
payable is $6,300; other accounts
, VA Contractors: VA Advanced (Class A)
Study online at https://quizlet.com/_8dne3c
payable is $2,200; and quarterly in-
come tax payment due is $1,180...
What is the total project overhead
for a project that lasts 3 months
and has the following costs? Labor is
$4,000; materials are $9,500; equip-
Less than $12,000
ment rentals are $1,200; superinten-
dent's annual salary is $36,000; office
rent is $800 per month; and office
utilities are $375 per month.
For 1 month a company bills out
$38,000 in completed work, and re-
ceives $22,000 in payments plus
$8,000 from the previous month's
billings. They pay their total bill
Loss of $1,000
of $26,000 to supply houses for
this month's purchases, and anoth-
er $5,000 to supply houses for last
month's purchases. Using a cash ac-
counting method and NOT consider-
Study online at https://quizlet.com/_8dne3c
A lump sum contract on a project has
a total contract price of $160,000. Re-
tainage has been held back at 10%.
The contractor has received progress
payments for 75% of the project. The More than $50,000
contractor submits a request for final
payment for the new completed pro-
ject. The final payment amount should
be for...
What is the total value of current as-
sets for an accrual basis company
that has the following? Checking ac-
count cash balance is $4,800; mate-
rials inventory for work-in-progress
is $4,200; a pick-up truck that cost Between $12,000 and $16,000
$12,460- paid for with $2,460 in cash
and a note for $10,000- and is used
100% in the business; accounts re-
ceivable is $5,700; suppliers' accounts
payable is $6,300; other accounts
, VA Contractors: VA Advanced (Class A)
Study online at https://quizlet.com/_8dne3c
payable is $2,200; and quarterly in-
come tax payment due is $1,180...
What is the total project overhead
for a project that lasts 3 months
and has the following costs? Labor is
$4,000; materials are $9,500; equip-
Less than $12,000
ment rentals are $1,200; superinten-
dent's annual salary is $36,000; office
rent is $800 per month; and office
utilities are $375 per month.
For 1 month a company bills out
$38,000 in completed work, and re-
ceives $22,000 in payments plus
$8,000 from the previous month's
billings. They pay their total bill
Loss of $1,000
of $26,000 to supply houses for
this month's purchases, and anoth-
er $5,000 to supply houses for last
month's purchases. Using a cash ac-
counting method and NOT consider-
