Engineering Board Exam Reviewer · ECE · hard

A contractor received a 15% advance payment on a ₱4,000,000 contract, to be recouped proportionally from progress billings. A billing for 25% of the work is submitted, with 10% retention. What net amount is paid for this billing?

  1. ₱750,000.00
  2. ₱900,000.00
  3. ₱850,000.00
  4. ₱1,000,000.00

Answer

A. ₱750,000.00

Solution

Gross = 25% × 4,000,000 = ₱1,000,000. Recoupment = 15% × 1,000,000 = ₱150,000. Retention = 10% × 1,000,000 = ₱100,000. Net = ₱750,000.

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