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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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