Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3. Complete the following overdraft calculation table. Project is complete at month 3. Month Cost Item Direct cost Indirect cost Subtotal 2 $75,000 $10,000 $25,000

image text in transcribed

3. Complete the following overdraft calculation table. Project is complete at month 3. Month Cost Item Direct cost Indirect cost Subtotal 2 $75,000 $10,000 $25,000 $10,000 $35,000 $7,000 $45,000 $10,000 Markup (20%) Total to be billed Retainage withheld (10% $66,000 $102,000 $10,200 $4,200 Invoice Amount $59,400 Payment received Total cost to date Total amount billed to date Total paid to date Overdraft at end of month Interest (5%) on overdraft balance Total amount finance $55,000 $151,200 $59,400 $55,000 $57,750 a. What month will the final payment be made? b. What is the total of financing costs after final payment? c. What is the profit (loss) of the project

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance At The Threshold

Authors: Christopher Houghton Budd

1st Edition

0566092115, 978-0566092114

More Books

Students also viewed these Finance questions

Question

Evaluate the integral, if it exists. -1 2 +1 -2 N dz

Answered: 1 week ago