In late April, the Acme Construction Co. submitted a $1,200,000 progress billing on a construction contract. On May 2, the bill was approved for payment, subject to a ten percent retention, as provided by the contract. The amount that should be debited to Construction Expenditures is:
A. $1,080,000.
B. $12,000.
C. $1,200,000.
D. $0.
Answer: C
You might also like to view...
Telling readers where to find information on an unfamiliar system can be considered which of the following compositional modes?
A) Narrative B) Reference materials C) Summaries D) Orientations E) Conversations
The ________ requires the true owner of property to claim it or bring a legal action to recover possession of it within a certain number of years after it has been mislaid.
A. statute of limitations B. ownership statute C. estray statute D. real property statute
What are the advantages and disadvantages of using demand-based pricing?
What will be an ideal response?
Who pioneered industrial psychology and is considered the First Lady of Management?
a. Emily Fayol b. Mary Parker Follett c. Emily Mayo d. Lillian Gilbreth