The Cocoa Beach retainage tracking file has contract retainage of 7.5% on $126,000 and prior release of $45,000. What retainage remains in the administrative tracker?
Correct Answer
D) $-35,550.00
Remaining retainage in the tracker equals computed retainage less prior release.
Why This Is the Correct Answer
Remaining retainage in the tracker equals computed retainage less prior release.
Why the Other Options Are Wrong
Option A: $9,450.00
$9,450.00 is below the supported result for retainage tracking; it likely uses the wrong base, period, or account bucket.
Option B: $45,000.00
$45,000.00 is above the supported result for retainage tracking; it likely adds an unsupported amount or compares the wrong financial base.
Option C: $81,000.00
$81,000.00 is above the supported result for retainage tracking; it likely adds an unsupported amount or compares the wrong financial base.
Memory Technique
Billing Coordinator money test: bucket before math for retainage.
Reference Hint
Open-book path: tab Builder's Guide to Accounting, 2001 to Business Administration, Retainage Tracking and Release Records; use the stated business record or control rule to verify the answer.
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