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:
Decentralized control
Explanation:
Decentralized control -
It refers to the method adapted by the organisation or company , in which the lower level elements helps completely to attain certain goal or task , is referred to as decentralization control
In this case , the people in the higher post need not rule over the lower one to complete the project or task on time .
The company using this method is happy as the employees are hardworking and there is least number of arguments , and hence becomes successful in shorter run .
Hence , from the question ,
The correct term is decentralization control .
Answer:
Zully most likely has a manufacturing franchise
Explanation:
Based on the scenario being described within the question it can be said that Zully most likely has a manufacturing franchise. This is a franchising agreement in which the franchiser gives a manufacturer the right to produce and sell their products while also using their name and brand. Which is exactly what Zully is doing by selling Ford Vehicles.
Answer:
reasonable
Explanation:
Analytical skills are a set of skills that allow an individual to collect and analyze information, as well as make decisions accordingly in order to solve complex problems. This is a highly important set of skills for a manager to have since it allows them to identify problems creatively, and generate reasonable alternatives for the best outcome.
