How accounts would be reported in marigold december

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Marigold, Inc. began work on a $7,261,000 contract in 2020 to construct an office building. Marigold uses the completed-contract method. At December 31, 2020, the balances in certain accounts were Construction in Process $1,762,000, Accounts Receivable $241,000, and Billings on Construction in Process $1,075,000.

Problem 1: Indicate how accounts would be reported in Marigold's December 31, 2020, balance sheet.

Reference no: EM132702244

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