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What is the balance for customer advances on december

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Reference no: EM132513161

The Solar Flares Company requires advance payments for custom orders made to customer's specifications. Information concerning 2020 transactions include:

Customer advances, balance, Jan. 1, 2020 $395,000

Advances received with orders during 2020 360,000

Advances applied to orders shipped during 2020 410,000

Nonrefundable advances forfeited by customers who cancelled during 2020 125,000

Question 1: What is the balance for Customer Advances on December 31, 2020?

A.$360,000

B.$345,000

C.$175,000

D.$170,000

Reference no: EM132513161

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