Question: Consider the following G703 Continuation Sheet for payment application 1 of a concrete foundation project: A B C D E F G H I J
Consider the following G703 Continuation Sheet for payment application 1 of a concrete foundation project:
| A | B | C | D | E | F | G | H | I | J |
| ITEM | DESCRIPTION OF WORK | SCHEDULED | WORK COMPLETED | MATERIALS | TOTAL | % | BALANCE | RETAINAGE | |
| NO. | VALUE | FROM PREVIOUS | THIS PERIOD | PRESENTLY | COMPLETED | (G C) | TO FINISH | (IF VARIABLE | |
| APPLICATION | STORED | AND STORED | (C - G) | RATE) | |||||
| (D + E) | (NOT IN | TO DATE | |||||||
| D OR E) | (D+E+F) | ||||||||
| 01000 | General Conditions | $65,000.00 | $0.00 | $26,000.00 | $0.00 | ||||
| 02000 | Site Work and Excavation | $180,000.00 | $0.00 | $90,000.00 | $0.00 | ||||
| 03000 | Concrete | $215,000.00 | $0.00 | $64,500.00 | $0.00 | ||||
| Grand Totals | |||||||||
Given the information provided above and assuming a retention rate of 10%, complete columns G, H, I, J and the Grand Totals portion of the G703. Based on your calculations, what should the total amount listed on line item 8: Current Payment Due on the G702 Payment Application be for this project?
- A. $280,415
- B. $460,000
- C. $118,935
- D. $162,450
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