A project with a $750,000 value is 60% complete and the amount billed and received to date is 20%. What is the amount of the next progress payment?

To determine the amount of the next progress payment for the project, it's essential to calculate the value of the work that has been completed and how much has already been billed.

The total project value is $750,000, and the project is currently 60% complete. To find the value of the work completed, you multiply the total project value by the percentage of completion:

Value of work completed = Total project value × Percentage completed

Value of work completed = $750,000 × 0.60 = $450,000

Next, we need to ascertain how much has already been billed and received. The amount billed and received to date is 20% of the total project value:

Total amount billed to date = Total project value × Percentage billed

Total amount billed to date = $750,000 × 0.20 = $150,000

To determine the next progress payment, you need to find the difference between the value of the work completed and the amount already billed. This represents what remains to be billed based on the work completed:

Next progress payment = Value of work completed - Total amount billed to date

Next progress payment = $450,000 - $150,000 = $300,000

Thus, the calculation