special orders for machinery constructed to the customer specifications. Information are as follows: • Customer Advances - Balance December 31, 2020- P118,000 • Advances received with orders in 2020- P184,000 • Advances applied to orders shipped in 2020- P164,000 • Advances applicable to orders canceled in 2020- P50,000 How much should be reported as a current liability for advances

special orders for machinery constructed to the customer specifications. Information are as follows: • Customer Advances - Balance December 31, 2020- P118,000 • Advances received with orders in 2020- P184,000 • Advances applied to orders shipped in 2020- P164,000 • Advances applicable to orders canceled in 2020- P50,000 How much should be reported as a current liability for advances

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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