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:
a. Reformation
Explanation:
In the given instance, it is clearly observed that the Vehicle Identification Number is not correctly written in the contract, and that happened due to typing errors, and was not intentional.
In these cases the courts order to reform the contract, and then the reformed contract shall reflect the intentions of both the parties as what they intend.
In the given case also, reformation will take place as the error is not due to intentionally, fraud with the other party. Thus correct option is:
a. Reformation
Answer:
d. All of the above.
Explanation:
All the three actions are appropriate actions for when offering financial products to clients.
a) is appropriate because prior clients are likely to have most of the information in the company's records.
b) is appropriate because as you gain experience, you become more knowledgeabe and intuitive about which clients should be offered a determined product.
c) is appropriate because as a financial worker, it is your duty to decline requests for financial products from clients who do not meet the given criteria.
Answer: Third
Explanation:
Diminishing returns to labor refers to the phenomenon where every additional worker leads to an increase in production at a decreasing rate.
Using the scenario described, when there was only one employee the company could mow 4 lawns a day. They added a 2nd worker and that figure went to 9 lawns a day which is an increase of FIVE.
When they added a 3rd worker, the figure again went up but only to 12 which is an increase of THREE only as opposed to the last increase of FIVE.
After the third worker therefore, there was an increase but at a smaller rate.
Answer:
Marketing Plan
Explanation:
The marketing strategy of the company is one of the most crucial components of development and growth for the company.
It includes all the activities in which the company makes a strategy and plan of how shall the product be developed, what should be an approximate level of acceptance of cost, and further how it shall be ultimately delivered to maximum consumers.
It is thus, comprised of various steps involved as it relates to a complete task from the beginning to the end of producing and delivering the product.
