VA Contractors: VA Advanced (Class A) 2024 Questions With 100% Solved Solutions!!

A lump sum contract on a project has a total contract price of $160,000. Retainage has been held back at 10%. The contractor has received progress payments for 75% of the project. The contractor submits a request for final payment for the new completed project. The final payment amount should be for... - Answer-More than $50,000 What is the total value of current assets for an accrual basis company that has the following? Checking account cash balance is $4,800; materials inventory for work-in-progress is $4,200; a pick-up truck that cost $12,460- paid for with $2,460 in cash and a note for $10,000- and is used 100% in the business; accounts receivable is $5,700; suppliers' accounts payable is $6,300; other accounts payable is $2,200; and quarterly income tax payment due is $1,180... - Answer-Between $12,000 and $16,000 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; equipment rentals are $1,200; superintendent's annual salary is $36,000; office rent is $800 per month; and office utilities are $375 per month. - Answer-Less than $12,000 For 1 month a company bills out $38,000 in completed work, and receives $22,000 in payments plus $8,000 from the previous month's billings. They pay their total bill of $26,000 to supply houses for this month's purchases, and another $5,000 to supply houses for last month's purchases. Using a cash accounting method and NOT considering any other revenue or expenses, what is the company's net income for the month? - Answer-Loss of $1,000 The owner requests for change which will cost the contractor $15,000 in labor and materials and $2,250 in overhead costs. With the change, the contractor would be relieved of $18,000 in labor and materials costs, and $2,400 in overhead costs from the original contract. The original bid included profit of 20% of all costs. The contractor wants to make a profit of 20% of all costs on the changes. The adjusted contract price for the change order should be... - Answer-A decrease of $3,780 Which of the following would typically be covered by a contractor's comprehensive general liability insurance policy? - Answer-Damage to adjoining property from a crane accident What is the total gross compensation and employment status for a carpenter, given the following information? A contractor hires a carpenter to do the finish work for a 10-home project. The carpenter isto be paid $16 per hour. The contractor provides all materials and equipment, such as a table saw. The carpenter provides all of his own hand tools. The contractor and the carpenter agree that all of the homes are to be completed within 60 8-hour working days, without overtime. The contractor provides the carpenter with a schedule of the order in which homes are to be worked on. The contractor provides a helper to assist the carpenter. The contractor sets the work schedule each day. The carpenter spends 600 hours to complete this project, including 120 hours of overtime. - Answer-The carpenter is an employee and is owed $10,560 for the project What is the name of the process when a facilitator meets with the major participants in a project, prior to the commencement of the project, to identify the shared goals of all participants? - AnswerPartnering What is the average collection period ratio for a firm that has $365,000 in annual revenues, $6,600 in current receivables, and net income of $32,000? - Answer-6.6 Who oversees compliance with Material Safety Data Sheets? - Answer-OSHA A non-exempt employee of a contractor covered by the Fair Labor Standards Act works 60 hours during a workweek. The agreement is to pay the employee $400 each week regardless of the numbers of hours worked. What should be the employee's gross pay for the worksheet? - Answer-$700.50