VA Contractors: VA Advanced (Class A)
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... - -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... - -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. - -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? - -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... - -A decrease of $3,780
-Which of the following would typically be covered by a contractor's
comprehensive general liability insurance policy? - -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 is to be paid $16 per
hour. The contractor provides all materials and equipment, such as a table
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... - -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... - -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. - -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? - -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... - -A decrease of $3,780
-Which of the following would typically be covered by a contractor's
comprehensive general liability insurance policy? - -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 is to be paid $16 per
hour. The contractor provides all materials and equipment, such as a table
