Assume that the Current Assets for Rain Co. as of Decebmer 31, 20Y8, are listed below. A. Assume further that the total Current Liabilites on the same date are $75,000.  What is the amount of the working capital for Rain Co. on December 31, 20Y8? B. Assume further that the total Current Liabilites on the same date are $75,000.  What is the amount of the working capital for Rain Co. on December 31, 20Y8? ASSETS   Current assets:      Cash $   17,500   Temporary Investments 15,000   Accounts Receivable (net) 42,500   Inventories 72,000   Prepaid Expenses 3,000 Total current assets $150,000

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.