Problem $19$: In $2020,$ Samsung entered into an agreement to construct a Building Problem $21$: GGDL Construction Corp. recently acquired the P$2$ Corp. P$2$ Corp has

incomplete accounting records. On one particular project, only the information

below is available:

P$2$ Corp uses the percentage of completion method and percentage of work

completed is determined through surveys of work performed $($engineer$\text{'}$s estimates$).$

The cost incurred in $2012$ is

a$.$ P$2,250,000$

c$.$ P$1,150,000$

b$.P1,100,000$

d$.P3,400,000$

at a contract price of P$50,000,000.$ Construction data were as follows:

How much is the collection for the year $2021?$

a$.$ P$33,000,000$

c$.P36,000,000$

b$.$ P$5,500,000$

d$.$ P$2,500,000$

Problem $20$: In $2022,$ PBC Corp. was contracted to build PIPE for P$150$ million. The

project to be completed in two years and the contract provided for:

$10\%$ mobilization fee $($to be deducted from the last billing$)$ payable within $15$

days after the assigning of the contract.

$10\%$ retention proyision on all billings

And payment of progress billing within $10$ days from acceptance.

PBC uses the percentage of completion method of accounting, estimated a $25\%$ gross

margin on the project. By the end of $2022,$ PBC had presented progress billings

corresponding to $50\%$ completion. All of the progress billings presented in $2022$ were

accepted, except the last one for $10\%,$ which was accepted on January $5,2022.$ With

the exception of one bill for $8\%,$ which was due on January $7,2022$ all of the billings

accepted in $2022$ were settled. Payments made by PIPE in $2022$ amounted to:

a$.$ P$33,800,000$

c$.$ P$82,500,000$

b$.$ P$58,200,000$

d$.$ P$59,000,000$