construction in process account
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Plz explain in detail
Transcribed Image Text:Indicate how the following item is reported in the financial statements of a company:
The balance of $250,000 in a billings account, which is less than $300,000 in a construction in process account.
$ 0
recognized as a current asset.
recognized as a current liability.
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