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Question 1 - Integrity Corporation sold an expensive car costing P2,500,000 for P3,000,000 on January 1, 2021. A 30% down payment was made and the balance is payable in 10 equal semi-annual installments of P271,970 inclusive of 5% interest, payable semi-annually starting June 30, 2021. How much is the total amount of interest earned in 2021?
Question 2 - On July 1, 2019, Great Corp. obtained a contract to construct a building. The building was estimated to be built at a total of P5,250,000 and is scheduled for completion in October 2021. The contract contains a penalty clause to the effect that the other party was to deduct P17,500 from the contract price each for each week of delay. Completion was delayed for three weeks. Below are the data pertaining to the construction period. In 2020, there was an increase in the contract price in the amount of P200,000 per cost escalation clause. Great Corp. uses the percentage of completion method.
2019
2020
2021
Costs incurred
P525,000
P1,932,000
P325,500
Estimated costs to complete
2,100,000
273,000
-
Billings to customers
420,000
4,567,500
1,260,000
Required - How much is the contract assets or contract liability [Due from /Due to] in 2019?
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The purpose of this assignment is to provide students hands-on experience with summarizing raw data using graphs and charts and interpreting results.
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