When is retention recognized in the percentage of completion accounting method? A B when retention is paid by the owner when the contractor bills the owner o the date indicated in the schedule of values a fter final completion when the final payment is made c D The change in equity on the balance sheet over any period must equal the on the income statement. A. change in liabilities for the same period change in assets for a different period. profit after taxes for the same period change in revenue for the same period D. method. 20. Banks will usually accept financial statements based on the completed contract c. percentage of completion What changes must be made to the balance sheet as the result of a $1,950 bill for office rent? . A Decrease current period net income $1,950. Increase office rent $1,950 B. Decrease current period net income $1,950. Increase accounts payable-trade $1,950 Increase office rent $1,950. Decrease profit $1,950. D. Increase notes payable $1,950. Increase office rent $1,950 What changes must be made to the balance sheet as the result of paying $25,000 in wages? A. B. Decrease cash $25,000. Increase labor $25,000 Increase labor $25,000. Decrease profit $25,000. Increase labor $25,000. Decrease cash $25,000. Decrease cash $25,000. Decrease accrued payroll $25,000 D. 23. The degree of fixed asset newness should A B. C. represent the percentage of the asset's original value that has depreciated be in the range of 20% to 30% represent the percentage of the asset's original value that has not depreciated represent the ratio of operating leases to capital leases. D