WIP SCHEDULE NEEDED ASAP !!! -- 2

Prepare WIP schedules as of June 30, 2020 Facts:  Job A a. Verbally awarded job on December 1, 2019, with a value of $1,000,000 b. Signed contract on February 2, 2020 c. Men started on the job January 15, 2020 d. As of December 31, 2019, the following costs were incurred i. Engineering costs of $10,000 ii. Sub-contractor deposit of $10,000 (with a total contract of $60,000) iii. Total projected costs from the project management team was $800,000 iv. Billings on December 31st were $25,000 before 10% retainage e. As of June 30, 2020 i. Actual costs incurred $500,000 ii. Pending change orders of $150,000 iii. Billings on June 30th were $800,000 before 10% retainage  Job b a. Awarded job on October 1, 2019, with a value of $2,000,000 b. Men started on the job December 1, 2019 c. As of December 31, 2019, the following costs were incurred i. Actual costs incurred $150,000 ii. Total projected costs from the project management team was $1,900,000 iii. Billings were $100,000 before 10% retainage d. As of June 30, 2020 i. Actual costs incurred $900,000 ii. Pending change orders of $200,000 iii. Projected total costs as of June 30th was $2,260,000 iv. Billings were $1,300,000 before 10% retainage  Job c a. Job contract value is $1,500,000 b. As of December 31, 2019, the following costs were incurred i. Actual costs incurred were 1,000,000 ii. Total projected costs from the project management team was $1,100,000 iii. Billings were $1,400,000 before 10% retainage c. As of June 30, 2020 i. Actual costs incurred $1,130,000 ii. Pending change orders of $50,000 iii. Projected total costs as of June 30th was $1,130,000 iv. Billings were $1,550,000 before 10% retainage Assignment:  Prepare WIP schedules as of December 31, 2019  Prepare WIP schedules as of June 30, 2020  Prepare June 30th financial journal entries Union Labor Assignment:  Based on the attached union labor rate sheets, prepare a client labor rate sheet for Journeymen o Assume a 12% workers compensation rate o Assume that all jobs are in NYC o Assume a standard general liability, excess and auto insurance factor of $8.00  How many labor rates can be applied for projects with the New York District Council of Carpenters?  Explain the Local 1974, Drywall Tapers union rules on Foreman pay and how it is calculated.  Explain the Local 46, Lathers union rules on Foreman pay and how it is calculated. Key Performance Indicators Assignment:  Identify your top three KPI’s for the following functional areas. Explain the importance and expectations around each KPI. o Financial position o Accounts Receivable o Accounts Payable o Budgeting