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Determine amount of liability at december for knicks company

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Reference no: EM132889555

Problem 1: Determine the amount of liability at December 31, 2016 for each of the following independent cases:

Knicks Company requires nonrefundable advance payments with special orders from customers for machinery constructed to their specifications.

Information for 2016 follows:

Customers advances, 12/31/15 P 500,000

Advances received with orders in 2016 840,000

Advances applied to orders shipped in 2016 600,000

Advances applicable to orders canceled in 2016 190,000

Reference no: EM132889555

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