2. Based on the below transaction, what is the amount of contracts payable-retained percentage after transaction...
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2. Based on the below transaction, what is the amount of contracts payable-retained percentage after transaction 5 Capital Projects Fund: 1. A capital projects fund issued $5,000,000, 4 percent bonds for $5,050,000 to finance improvements of a park. Premiums received are to be used to service the debt issue. 2. The Parks and Recreation Special Revenue Fund transferred $250,000 for use in construction. 3. A construction contract was awarded in the amount of $5,200,000. 4. A bill was received from the contractor for $2,600,000. 5. The contractor's bill is paid, and 5% retainage is withheld. 6. The park renovations were completed and the final bill of $2,600,000 was received. The contractor's bill and retainages are approved for payment in full. Total construction expenditures were allocated as follows: $5,000,000 to building, and the remainder to equipment. (2 Points) Enter your answer 2. Based on the below transaction, what is the amount of contracts payable-retained percentage after transaction 5 Capital Projects Fund: 1. A capital projects fund issued $5,000,000, 4 percent bonds for $5,050,000 to finance improvements of a park. Premiums received are to be used to service the debt issue. 2. The Parks and Recreation Special Revenue Fund transferred $250,000 for use in construction. 3. A construction contract was awarded in the amount of $5,200,000. 4. A bill was received from the contractor for $2,600,000. 5. The contractor's bill is paid, and 5% retainage is withheld. 6. The park renovations were completed and the final bill of $2,600,000 was received. The contractor's bill and retainages are approved for payment in full. Total construction expenditures were allocated as follows: $5,000,000 to building, and the remainder to equipment. (2 Points) Enter your answer
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The amount of contracts payableretained percentage after transaction 5 is 130000 2600000 x 5 Explana... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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