Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you have a contract with progress payments, prior

You have a contract with Progress Payments, prior to the 1ST payment request your Accounting...

80.2K

Verified Solution

Question

Accounting

You have a contract with Progress Payments, prior to the 1ST payment request your Accounting Summary Record reflects: ACRN=AA OBLIGATION = $200,000 WIP = $0 ULO = $200,000. The 1st Progress Payment is made in the amount of $75,000. What should your Accounting Summary Record reflect now?

a. ACRN/OBLIGATION/WIP/ULO

b. AA/$200,000/$0/$125,000

c. AA/$200,000/$75,000/$200,000

d. AA/$200,000/$75,000/$125,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

How does interphase precipitation work for alloy hardening? Name two characterisation techniques that could be used...

Mechanical Engineering
Q

Write VHDL code (behavior model) to implement a 4-bit modulo-9 counter and simulate your VHDL code...

Electrical Engineering
Q

When one organism is removed from an environment, causing ecological effects beyond what we would...

Biology
Q

Wilson 1980 defined a social group as which of the following a a group of...

Biology
Q

Match the receptor to the type of stimulus that it responds to Nociceptors Photoreceptors Chemoreceptors...

Biology
Q

Question 8 of 13 Macmillan Learning Calculate the average rate of change of the function...

Basic Math
Q

Algebra Show that if c is an odd integer that divides every other integer then...

Algebra
Q

Based on the information provided, WHAT ARE THE AMOUNT OF BORROWINGS/ INVESTMENT FOR:1. October 2....

Accounting
Q

Prepare schedules that show the calculations of the Investment in Martin 12/31/24 account balances. GOMEZ...

Accounting
Q

1.A truck cost $60,000 when purchased and has a $60,000 balance in the accumulated depreciation...

Accounting
Q

You are looking at a 18-year zero-coupon bond that has a yield to maturity of...

Finance
Q

The project will last 5 years. The price of an average package of fries...

Accounting