100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
VA Contractors: VA Advanced (Class A) Exam Study Guide with Complete Solutions $9.99   Add to cart

Exam (elaborations)

VA Contractors: VA Advanced (Class A) Exam Study Guide with Complete Solutions

 7 views  0 purchase
  • Course
  • Contractors License
  • Institution
  • Contractors License

VA Contractors: VA Advanced (Class A) Exam Study Guide with Complete 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...

[Show more]

Preview 2 out of 7  pages

  • August 30, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Contractors License
  • Contractors License
avatar-seller
OliviaWest
©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM



VA Contractors: VA Advanced (Class A) Exam
Study Guide with Complete 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

, ©PREP4EXAMS 2024/2025 REAL EXAM DUMPS Tuesday, August 6, 2024 10,57 AM


$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


2

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller OliviaWest. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.99
  • (0)
  Add to cart