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TEA [102]
1 year ago
13

The capital projects fund of Hood River completed construction of an addition to its city hall at a cost of $4,000,000. The city

council approved payment of the amount due the general contractor, less a 10 percent retainage. How should the capital projects fund account for the 10 percent retainage
Business
1 answer:
Vanyuwa [196]1 year ago
3 0

The capital projects fund account for the 10 percent retainage as (B) II only.

<h3>What is retainage?</h3>
  • Retainage is a percentage of the agreed-upon contract price withheld until the work is substantially completed to ensure that the contractor or subcontractor will fulfill its responsibilities and complete a construction project.
  • Retention is money kept back by one party in a contract as security for unfinished or defective work.
  • Assume the contract is worth $20,000 and you're submitting a paid app after finishing 25% of the work.
  • So you earned $5,000 during the pay period, but retainage is 5%. The current progress payment has been reduced by $250.
  • As a result, the "Amount Due for this Request" will be $4,750.

So, in the given situation the capital projects fund account for the 10 percent retainage as (II) the credit for $400,000 to Contracts Payable-Retained Percentage, that is (B) II only.

Therefore, the capital projects fund account for the 10 percent retainage as (B) II only.

Know more about retainage here:

brainly.com/question/24101126

#SPJ4

The correct question is given below:
The capital projects fund of Hood River completed the construction of an addition to its city hall at a cost of $4,000,000. The city council approved payment of the amount due to the general contractor, less a 10 percent retainage. How should the capital projects fund account for the 10 percent retainage?

I. As a credit of $400,000 to Deferred Revenue-Retained Percentage

II. As the credit for $400,000 to Contracts Payable-Retained Percentage.

A. I only

B. II only

C. Either I or II

D. Neither I nor II

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You own a portfolio equally invested in a risk-free asset and two stocks. If one of the stocks has a beta of 1.27 and the total
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the beta be for the other stock in your portfolio is 1.73

Explanation:

The computation of the beta be for the other stock in your portfolio is shown below:

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2 years ago
Explain why e-Business scenarios are generally more complex than traditional business scenarios. Discuss the interrelationships
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The answer is because of the nature of each business and that is explained below.

Explanation:

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3 years ago
The depreciation deduction for year 11 of an asset with a 20-year useful life is $4,000. If the salvage value of the asset was e
PtichkaEL [24]

Answer:

The answer is $80,000

Explanation:

The formula for straight-line depreciation is:

[Cost of asset - salvage value(if any)] ÷ useful life of the asset

Depreciation = $4,000

Cost of asset= ? (represented by y)

Useful life of the asset = 20 years

$4,000 = y ÷ 20 years

y is $4,000 x 20 years

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Therefore, the initial cost of the asset was $80,000

7 0
2 years ago
Martha receives $200 on the first of each month. Stewart receives $200 on the last day of each month. Both Martha and Stewart wi
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Answer:

Instructions are below.

Explanation:

Giving the following information:

Martha receives $200 on the first of each month. Stewart receives $200 on the last day of each month. Both Martha and Stewart will receive payments for 30 years. The discount rate is 9 percent, compounded monthly.

To calculate the present value, first, we need to determine the final value.

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FV= {A*[(1+i)^n-1]}/i + {[A*(1+i)^n]-A}

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Now, the present value:

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<u>Stewart:</u>

FV= {A*[(1+i)^n-1]}/i

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PV= 366,148.70/1.0075^360

PV= $24,856.37

Martha has a higher present value because the interest gest compounded for one more time.

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