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anygoal [31]
3 years ago
11

Guillen, Inc. began work on a $7,000,000 contract in 2020 to construct an office building. Guillen uses the completed-contract m

ethod. At December 31, 2020, the balances in certain accounts were Construction in Process $1,715,000, Accounts Receivable $240,000, and Billings on Construction in Process $1,000,000.Indicate how these accounts would be reported in Guillen’s December 31, 2020, balance sheet.
Business
1 answer:
SOVA2 [1]3 years ago
5 0

Answer:

31 Dec balance sheet

Construction in process $1715000 Asset Non current Asset

Accounts receivable $240000 Asset Current asset

Billings on contract in process $1000000 Liability non current liability

Explanation:

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Who must make the determination to cancel an invitation for bids after bid opening?a.Contracting officerb.Chief of the contracti
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3 years ago
At January 1, 2018, Transit Developments owed First City Bank Group $600,000, under an 11% note with three years remaining to ma
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Answer:

interest payable   66,000

note payable      384,000

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the entry will write-off the interest payable, decrease the note by that amount and recognize the land gain on disposal

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Answer:

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