Question: Solve for the following problems and show solution. Gross Income Computation During 2020, KTH Construction Company was awarded to construct a 30 million football coliseum

Solve for the following problems and show solution. Gross Income Computation

During 2020, KTH Construction Company was awarded to construct a 30 million football coliseum in Cebu City. The project is expected to be completed within four years after signing of the contract. The following are the estimates based on engineering studies: Cost incurred each year Percentage of Completion First Year P8,500,000 20% Second Year 5,500,000 40% Third Year 4,500,000 75% Fourth Year 6,000,000 100% How much is the gross income each year if the company is using the percentage of completion method?Compute for the gross annual compensation income of John? John is an employee of XYZ Company, and has the following compensation package. . P30,000 monthly salary . Fixed monthly allowance: . Transportation allowance - P3,000 o Work from Home allowance - P2,000 . Monthly Benefits: o Rice Subsidy - P2,000 o Laundry Allowance - P300 . Yearly Benefits: o 13th and 14th month pay, each pay is equivalent to one-month salary . Clothing Allowance - P5,000 o Medical Benefits to Employee's Dependents - P10,000 o Medical Benefits to Employees - P15,000 o Productivity Bonus - P20,000

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