The answer is $3,045.
To solve:
Find first the interest.
Interest = Principal x Interest Rate x Time
I = $3000 * .06 * (90/360)
= $3000 * 0.015
= $45
$45 is the interest.
Add the interest to the principal to get the maturity value.
Maturity Value = Interest + Principal
MV = $45 + $3000
= $3045
Gymnasticts this is my answer to you
Answer:
According to "AS 7 - Construction Contracts",Gross amounts receivable / payable from / by customers should be recognized as contract asset / liability in the balance sheet.
For the first job, construction work in progress is greater than the bills raised. Hence there exists contract asset.
Contract asset = Cost incurred - Billing done
= $20,000 - $14,000
= $6,000
For the second job, construction in progress is less than the bills raised. Hence there exists contract liability.
Contract liability = Bills raised - Cost incurred
= $5,000 - $3,000
= $2,000
Hence, Contract asset = $6000
, Contract Liability = $2000
The word ‘amicable’ means it’s characterised by friendliness and absence of discord. An example is: ‘an amicable settle of the dispute’. Hope this helps!
