Exam (elaborations)
VA CONTRACTORS: VA ADVANCED (CLASS A)
- Course
- Institution
VA CONTRACTORS: VA ADVANCED (CLASS A)
[Show more]
Content preview
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... - Answers -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... - Answers -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. - Answers -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? - Answers -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
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 Greaterheights. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now