For a construction firm using the completed-contract method, if costs exceed billings on some contracts by...
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For a construction firm using the completed-contract method, if costs exceed billings on some contracts by $1,000,000 and billings exceed costs by $800,000 on others, the contracts should ordinarily be reported as a current asset of S200,000. b. current liability of $200,000. current asset of S1,000,000 less a contra-current asset of $800,000. d. current asset of S1,000,000 and a current liability of $800,000. a. с. For a construction firm using the completed-contract method, if costs exceed billings on some contracts by $1,000,000 and billings exceed costs by $800,000 on others, the contracts should ordinarily be reported as a current asset of S200,000. b. current liability of $200,000. current asset of S1,000,000 less a contra-current asset of $800,000. d. current asset of S1,000,000 and a current liability of $800,000. a. с.
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The correct answer is d current asset of 1000000 and a current liability of 800... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Posted Date:
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