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What amount be reported as current liability for advances

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Reference no: EM132786933

Black Company required nonrefundable advance payments with special orders for machinery constructed to customer specifications.

The entity provided the tollowing intormation for the current year:

Customer advances - beginning of year 1,180,000

Advances received with orders 1,840,000

Advances applied to orders shipped 1,640,000

Advances applicable to orders canceled 500,000

Question 1: What amount should be reported as current liability for advances from customers at year-end?

a. 1,480,000

b. 1,380,000

c. 880,000

d. 0

Reference no: EM132786933

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