Monty, Inc. began work on a $6,344,000 contract in 2022 to construct an office building. Monty uses the cost-recovery method. At December 31, 2022, the balances in certain accounts were Construction in Process $1,667,000, Accounts Receivable $247,000, and Billings on Construction in Process $911,000. Indicate how these accounts would be reported in Monty's December 31, 2022, statement of financial position. (List assets in reverse order of liquidity.) Current Assets Inventories Construction in Process Less ✓ Costs in Excess of Billings Accounts Receivable Monty, Inc. Statement of Financial Position December 31, 2022 Costs in Excess of Billings $ tA 1,667,000 911,000 i $ LA 247,000 756,000

Monty, Inc. began work on a $6,344,000 contract in 2022 to construct an office building. Monty uses the cost-recovery method. At December 31, 2022, the balances in certain accounts were Construction in Process $1,667,000, Accounts Receivable $247,000, and Billings on Construction in Process $911,000. Indicate how these accounts would be reported in Monty's December 31, 2022, statement of financial position. (List assets in reverse order of liquidity.) Current Assets Inventories Construction in Process Less ✓ Costs in Excess of Billings Accounts Receivable Monty, Inc. Statement of Financial Position December 31, 2022 Costs in Excess of Billings $ tA 1,667,000 911,000 i $ LA 247,000 756,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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