The second question: a contract was referred for a period of 7 months. Below, starting from the signing of the contract to reach the total contracting price ($ 100,000), assuming that the contractor has guaranteed a profit of the amount. 15% Deduction of insurances is according to the general conditions of contracting, maintenance period is 6 months. The contractor was one month late in completing the contract, so he had to pay ($ 100) for each day of delay (assuming the month is 30 days) (the maintenance period appears after the completion of the work). It is required to complete the cash flow and net cash flow accounts and find the largest amount that is required to be provided by the contractor and the date the amount is needed. Note that the contractor is entitled to an advance every month, and the procedures for paying the advance take two months. The table below shows the value of the work done for each month End of month Monthly Value of work *1000$ 1 13 2 12 3 14 4 15 5 10 11 7 15 8. 10

The second question: a contract was referred for a period of 7 months. Below, starting from the signing of the contract to reach the total contracting price ($ 100,000), assuming that the contractor has guaranteed a profit of the amount. 15% Deduction of insurances is according to the general conditions of contracting, maintenance period is 6 months. The contractor was one month late in completing the contract, so he had to pay ($ 100) for each day of delay (assuming the month is 30 days) (the maintenance period appears after the completion of the work). It is required to complete the cash flow and net cash flow accounts and find the largest amount that is required to be provided by the contractor and the date the amount is needed. Note that the contractor is entitled to an advance every month, and the procedures for paying the advance take two months. The table below shows the value of the work done for each month End of month Monthly Value of work *1000$ 1 13 2 12 3 14 4 15 5 10 11 7 15 8. 10

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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