VA Contractors: VA Advanced

VA Contractors: VA Advanced (Class A) Questions and Answers Already Passed 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...

VA Contractors Advanced Class A Certified Exam 2025/2026 [A+] Questions & Answers Perfectly Analyzed, Exams of Contract Law

VA Contractors: VA Advanced (Class A) Exam – 24 Questions and Answers

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...

VA Contractors: VA Advanced (Class A) Questions & answers

VA Contractors: VA Advanced (Class A)Ques 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... - ANSWERMore than $50,000 What is the total value of current assets for an accrual basis company that has the following? Checking account cash balan...

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 $16,00...

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... - ANSWERSMore 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-i...

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... - correct 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 fo...