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

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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 fo...

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  • March 25, 2024
  • 4
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • va contractors va advanced class a questions
  • va contractors va advanced class a stuvia
  • a lump sum contract on a project has a total contr

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  • VA Contractors
  • VA Contractors

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

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