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
The formula of the future value of an annuity ordinary is
Fv=pmt [((1+r/k)^(kn)-1)÷(r/k)]
Fv future value 800000
PMT monthly payment?
R interest rate 0.05
K compounded monthly 12
T time 20 years
Solve the formula for PMT
PMT=Fv÷[((1+r/k)^(kn)-1)÷(r/k)]
PMT=800,000÷(((1+0.05÷12)^(12
×20)−1)÷(0.05÷12))
PMT=1,946.31 per month
Interest earned
800,000−1,946.31×12months×20 years
=332,885.6
Hope it helps!
Answer:
$120,000
Explanation:
Total amount for inclusion in determining Mill Corp's net income or loss is as follows.
- Net loss from disposal of business segment = $100,000
- Property tax for 6 months to June 30, 20x5= $40,000 * 0.5 = $20,000
Therefore, total amount for inclusion = $100,000 + $20,000 = $120,000.
Answer:
Amortization schedule is attached.
Explanation:
Key matrix
Present value annuity factor
Rate = 12%
Terms = 3 years
Annuity factor = 2.408 (this can be derived from present value table - annuity factor)
Annual payment = 32,000/2.408
Annual payment = $13,323.17
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