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:
$5,000 favorable
Explanation:
The computation of the total variable overhead variance is given below:
= Budgeted machine hours allowed for actual output × Budgeted variable overhead rate per machine hour - Actual total variable overhead
= 32,000 hours × $2.50 - $75,000
= $80,000 - $75,000
= $5,000 favorable
Since the favorable is more than the actual so it should be favorable
Answer: Structure interview
Explanation:
A structured interview is a form of interview used by an organization in order to ensure that each interview is presented to each candidate with exactly the same questions and also in the same order.
It is a standardized way of interviewing the candidates for a job based on the particular needs of the job the candidates applied for. The candidates are asked same questions irrespective of their qualifications or experience.
Answer:
The correct option is d.
Explanation:
It is given that $15,000 is considered to be material to the income statement, but $25,000 is material to the balance sheet.
Material to the income statement = $15,000
Material to the balance sheet = $25000
The auditor should set overall materiality according to the income statement.
The auditor should set overall materiality at $15,000.
Therefore the correct option is d.
Answer:
3. an insurance agent and an insurance company
Explanation:
Insurance simply means protection from financial loss.
Types of insurance are:
1. Property insurance
2. Life or personal insurance
3. Marine insurance
4. Fire insurance
5. Liability insurance
6. Social insurance
7. Guarantee insurance
Insurance Agents are people that work for insurance companies to reach out to new and existing customers to sell insurance. An insurance agent acts as an intermediary between an insured and the marketplace
An insured means a person or organization covered by insurance. They are like consumers.
Insurance company (insurer) is a business that provides coverage, in the form of compensation resulting from loss, damage or injury, treatment or hardship in exchange for premium payments.
Wholesale Broker is a type of insurance broker who acts as an intermediary between a retail broker (insurance agent ) and an insurer while having no contact with the insured
