Retainage payable will most likely appear in which financial statement?
A)government-wide statement of net assets
B)capital projects fund balance sheet
C)debt service fund balance sheet
D)special revenue fund balance sheet

Question

Quizplus · Accepted Answer

Retainage payable is a liability that is typically associated with a construction project, and therefore would most likely appear on the capital projects fund balance sheet, which reflects the financial activity of the fund used to account for the construction project.

Retainage Payable Will Most Likely Appear in Which Financial Statement