ONeil, Inc. began work on a $7,000,000 contract in 2014 to construct an office building. ONeil uses
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O’Neil, Inc. began work on a $7,000,000 contract in 2014 to construct an office building. O’Neil uses the percentage-of-completion method. At December 31, 2014, the balances in certain accounts were Construction in Process $2,450,000; Accounts Receivable $240,000; and Billings on Construction in Process $1,400,000. Indicate how these accounts would be reported in O’Neil’s December 31, 2014, balance sheet.
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Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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