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Santiago Builders began construction work in 2020 for a project with a contract price of P24,000,000. Santiago Builders uses the percentage of completion method. The financial statements for 2020 relating to the contract show the following: Accounts Receivable P1,500,000; Construction in Progress P4,800,000; Contract Billings to date P4,500,000; Realized Gross in 2020 P600,000. How much is the total cash collection for the year 2020?
a) P4,200,000 b) P22,500,000 c) P3,000,000 d) P4,800,000
Sagot :
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