What amount is presented in ABC Co's. contract liability? o's statement of financial position as 1911

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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ABC Co. started work on two separate projects during 20x1. Information on
these projects is shown below:
NIVS
Project Contract price Costs incurred
A
B
9,000,000
8,000,000
APIE
4,000,000
5,000,000
ERST
Estimated
costs to
complete
4,000,000
Progress
billings
5,000,000
8,000,000
What amount is presented in ABC Co's. statement of financial position as
contract liability?
1911
Transcribed Image Text:ABC Co. started work on two separate projects during 20x1. Information on these projects is shown below: NIVS Project Contract price Costs incurred A B 9,000,000 8,000,000 APIE 4,000,000 5,000,000 ERST Estimated costs to complete 4,000,000 Progress billings 5,000,000 8,000,000 What amount is presented in ABC Co's. statement of financial position as contract liability? 1911
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