VA Contractors: General VA Advanced (Class A) Exam 2024 Actual Questions with Verified Answers, 100% Guarantee Pass
12 views 1 purchase
Course
VA Contractors: General
Institution
VA Contractors: General
VA Contractors: General VA Advanced (Class A) Exam 2024 Actual Questions with Verified Answers, 100% Guarantee Pass 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...
VA Contractors VA Advanced (Class A).pdf file:///C:/Users/HP/Desktop/SSSSSSS/VA%20Contractors%20VA%2
VA Contractors VA Advanced (Class A)
1. 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 progresspayments for 75% of the
project. The contractor submits a request for final payment for the new completed
project.The final payment amount should befor...
ANS More than $50,000
2. What is the total value of current assets for an accrual basis company that has the
following? Checking account cash balance is $4,800; materialsinventory 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 paymentdue is
$1,180...
ANS Between $12,000 and $16,000
1/3
1 of 9 8/30/2024, 3:54
,VA Contractors VA Advanced (Class A).pdf file:///C:/Users/HP/Desktop/SSSSSSS/VA%20Contractors%20VA%2
3. What is the total project overhead for a project that lasts 3 months and hasthe
following costs? Labor is $4,000; materials are $9,500; equipment rentalsare $1,200;
superintendent's annual salary is $36,000; office rent is $800 per month; and office
utilities are $375 per month.
ANS Less than $12,000
4. 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 paytheir 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, whatis the company's net income for the
month?
ANS Loss of $1,000
5. 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, thecontractor would be
relieved of $18,000 in labor and materials costs, and
$2,400 in overhead costs from the original contract.The original bid includedprofit of
2/3
2 of 9 8/30/2024, 3:54
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 TIPSCORE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
