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Question - You were engaged to audit the books of accounts of Sam Kim Contractors which had a 3-year construction contract in 2019 for P900,000. Sam Kim uses the percentage-of-cost-completion method for financial statement purposes. Income to be recognized each year is based on the ratio of cost incurred to total estimated cost to complete the contract. Data on this contract follows:
Accounts Receivable construction contract billings 30,000
Construction in Progress 93,750
Less: Amounts billed 84,375
10% retention 9,375
Net income recognized in 2017 (before tax) 15,000
Sam Kim maintains a separate bank account for each construction contract. Bank deposits to this contract amounted to P50,000.
Required - Find the cash that was collected on the contract but was not deposited as at December 31, 2019?
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