A joint check is written for a $12,300 supplier invoice and 10 percent retainage is withheld by written agreement. What joint-check amount is paid now?
Correct Answer
A) $11,070.
Ten percent retainage is $1,230, so the current joint-check amount is $12,300 - $1,230 = $11,070.
Why This Is the Correct Answer
Ten percent retainage is $1,230, so the current joint-check amount is $12,300 - $1,230 = $11,070.
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