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Find how much is company contract liability for the year

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Reference no: EM132941821

Ayala Homes is a construction company who uses the percentage of completion method in accounting for its income. The company began constructing a building in the year 2019 for a contract price of P5,000,000. For the year ended 2019, the company billed its clients a total of 30% of the contract price.

The books of the company show the following balances:

  1. Costs incurred to date P900,000
  2. Construction income to date P300,000

Question 1: How much is the company's contract asset (liability) for the year 2019?

Reference no: EM132941821

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