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.
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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
Answer:
Adjusted Cash Balance at 31 August 2022 = 9654
Explanation:
Bank Reconciliation Statement at August 31, 2022
Cash Balance as per Bank August 31, $7338
Add: Deposit in Transit $3010
<u>Deduct: Outstanding Checks ($694 )</u>
<u>Adjusted Cash Balance $9,654</u>
<u />
Cash Balance as per books, August 31, $7374
Add: Receivable collected by bank $2326
<u>Less:Bank Service Charges ($46) </u>
<u>Adjusted Cash Balance $9,654 </u>
<u />
Answer:
useful
Explanation:
i got it from USA test prep
He will borrow 80% of the cost of the car.
80/100*11350= <span>$ 9080</span>
