Question: Blossom, Inc. began work on a $ 7 , 4 8 1 , 0 0 0 contract in 2 0 2 5 to construct an

Blossom, Inc. began work on a $7,481,000 contract in 2025 to construct an office building. Blossom uses the cost-recovery method. At
December 31,2025, the balances in certain accounts were Construction in Process $1,805,000, Accounts Receivable $242,000, and
Billings on Construction in Process $1,088,000.
Indicate how these accounts would be reported in Blossom's December 31,2025, balance sheet. (List assets in order of liquidity.)
BLOSSOM, INC.
Balance Sheet
December 31,2025
Current Assets
Accounts Receivable
Construction in Process
Construction in Process
Billings on Construction in Process
Blossom, Inc. began work on a $7,481,000 contract in 2025 to

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of 2:3:5. When they decide to liquidate, the balance sheet is as follows: Assets Liabilities and Capital Cash $...

Q:

Pharoah, Inc. began work on a $7, 493,000 contract in 2017 to construct an office building. Pharoah uses the completed-contract method. At December 31, 2017, the balances in certain accounts were...

Q:

Blossom Inc. began work on a $7,500,000 non-cancellable contract in 2023 to construct an office building. During 2023, Blossom incurred costs of $1,040,000, billed its customers for $1,100,000...

Q:

Blossom, Inc. began work on a $7,016,000 contract in 2025 to construct an office building. During 2025, Blossom, Inc. incurred costs of $1,798,560, billed its customers for $1,125,000, and collected...

Q:

Blossom, Inc. began work on a $6,618,000 contract in 2025 to construct an office building. Blossom uses the cost-recovery method. At December 31, 2025, the balances in certain accounts were...

Q:

Current Attempt in Progress Blossom, inc began work on a $7,016,000 contract in 2025 to construct an office building. During 2025, Blossom, Inc, incurred costs of $1,798,560, billed its customers for...

Q:

Blossom, Inc. began work on a $ 7 , 5 7 9 , 0 0 0 contract in 2 0 2 5 to contruct an office building. During 2 0 2 5 , Blossom, Inc incurred cost of $ 1 , 8 6 5 , 8 5 0 , billed its customer for $ 1...

Q:

Blossom, Inc. began work on a $6,312,000 contract in 2017 to construct an office building. During 2017, Blossom, Inc. incurred costs of $1,589,940, billed its customers for $1,156,000, and collected...

Q:

Blossom, Inc. began work on a $ 7 , 4 8 1 , 0 0 0 contract in 2 0 2 8 to construct an office building. Blossom uses the cost - recovery method. At December 3 1 , 2 0 2 8 , the balances in certain...

Q:

Blossom, Inc. began work on a $ 6 , 6 1 8 , 0 0 0 contract in 2 0 2 5 to construct an office building. Blossom uses the cost - recovery method. At December 3 1 , 2 0 2 5 , the balances in certain...

Q:

Could you take a look at the attached tax forms and see if I filled them out correctly. It is a group assignment, and I only have to provide IRS Forms 3800 and 5884. I'm also attaching the story...

Q:

The company chosen: KPMG Environmental, Social, and Corporate Governance (ESG) is anevaluation of a firms collective conscientiousness for social andenvironmental factors. It is typically a score...

Q:

How can a person try to break Parkinsons Law?

Q:

Simplify. ( ( 1 ) / ( y ) + 2 ) / ( ( 1 ) / ( y ) - 8 )

Q:

PY Sdn. Bhd. operates in an entertainment industry and one of its activities is to promote entertainment events throughout East Malaysia. The company is examining the viability of a fund-raising...

Q:

V7 evaluate sin 20. 3 Qn 3. (a) Given that cot 0 [5] (b) Determine the possible values of 0 in the interval [0, 27], satisfying the equation sin 20 cos 0 = 0. [6] (1 cosa)(1+ cos x) cos? x Qn 4. (a)...

Q:

an(cos(6x)) In(sin Tx) dx t Stan cos (Tx) In(x)

Q:

Ideally, performance in a cost center should be measured by Blank______. Multiple choice question. evaluating asset usage the contribution of the center comparing standard inputs to budgeted inputs...

Q:

What is your average response time to complaint letters? Do you use form letters when responding? If your response takes more time than usual, do you let your customers know why you havent gotten...

Q:

Look carefully at your automated responses (perhaps sent out im - mediately aft er a customers e-mail is received) and make sure you communicate a desire to get back to customers in a specifi ed...

Q:

Sell the quality of your brand or products.