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Lake co receives nonrefundable advance payments with

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Lake Co. receives nonrefundable advance payments with special orders for containers constructed to customer specifications. Related information for 2009 is as follows ($ in millions):

  • Customer advances balance Dec 31, 2008 110
  • Advances received with 2009 orders 195
  • Advances applicable to orders in 2009 180
  • Advancs from orders canceled in 2009 45

What amount should Lake report as a current liability for advances from customers in its Dec. 31, 2009, balance sheet?

Reference no: EM13600063

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