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VA Contractors: General VA Advanced (Class A) Exam 2024 Actual Questions with Verified Answers, 100% Guarantee Pass CA$18.63   Add to cart
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VA Contractors: General VA Advanced (Class A) Exam 2024 Actual Questions with Verified Answers, 100% Guarantee Pass
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VA Contractors: General VA Advanced (Class A) Exam 2024 Actual Questions with Verified Answers, 100% Guarantee Pass A lump sum contract on a project has a total contract price of $160,000. Retainage has been held back at 10%. The contractor has received progress payments for 75% of the project. The...

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  • September 3, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • va contractors general va advanced class a exam
  • va contractors va advanced 2024

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  • VA Contractors: General
  • VA Contractors: General

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VA Contractors VA Advanced (Class A).pdf file:///C:/Users/HP/Desktop/SSSSSSS/VA%20Contractors%20VA%2




VA Contractors VA Advanced (Class A)


1. A lump sum contract on a project has a total contract price of $160,000. Retainage has

been held back at 10%. The contractor has received progresspayments for 75% of the

project. The contractor submits a request for final payment for the new completed

project.The final payment amount should befor...

ANS More than $50,000



2. What is the total value of current assets for an accrual basis company that has the

following? Checking account cash balance is $4,800; materialsinventory for work-in-

progress is $4,200; a pick-up truck that cost $12,460- paid for with $2,460 in cash and

a note for $10,000- and is used 100% in

the business; accounts receivable is $5,700; suppliers' accounts payable is

$6,300; other accounts payable is $2,200; and quarterly income tax paymentdue is

$1,180...

ANS Between $12,000 and $16,000


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,VA Contractors VA Advanced (Class A).pdf file:///C:/Users/HP/Desktop/SSSSSSS/VA%20Contractors%20VA%2




3. What is the total project overhead for a project that lasts 3 months and hasthe

following costs? Labor is $4,000; materials are $9,500; equipment rentalsare $1,200;

superintendent's annual salary is $36,000; office rent is $800 per month; and office

utilities are $375 per month.

ANS Less than $12,000



4. For 1 month a company bills out $38,000 in completed work, and receives

$22,000 in payments plus $8,000 from the previous month's billings.They paytheir total

bill of $26,000 to supply houses for this month's purchases, and another $5,000 to

supply houses for last month's purchases. Using a cash accounting method and NOT

considering any other revenue or expenses, whatis the company's net income for the

month?

ANS Loss of $1,000



5. The owner requests for change which will cost the contractor $15,000 in labor and

materials and $2,250 in overhead costs. With the change, thecontractor would be

relieved of $18,000 in labor and materials costs, and

$2,400 in overhead costs from the original contract.The original bid includedprofit of
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