Lake Co. receives non-refundable advance payments with special orders for containers constructed to customer specifications. Related information for 2009 is as follows ($ in millions): Customer advances balance Dec 31, 2008 $110 Advances received with 2009 orders $195 Advances applicable to orders in 2009 $180 Advances from orders canceled in 2009 $45 What amount should Lake report as a current liability for advances from customers in its Dec. 31, 2009, balance sheet?
Lake Co. receives non-refundable advance payments with special orders for containers constructed to customer specifications. Related information for 2009 is as follows ($ in millions): Customer advances balance Dec 31, 2008 $110 Advances received with 2009 orders $195 Advances applicable to orders in 2009 $180 Advances from orders canceled in 2009 $45 What amount should Lake report as a current liability for advances from customers in its Dec. 31, 2009, balance sheet?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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