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What amount should be reported as a current liability

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Reference no: EM132811150

Black Co. requires advance payments with special orders for machinery constructed to customer specifications. These advances are nonrefundable. Information for 20x0 is as follows:

Customer advances-balance 1/1/20x0 P118,000;
Advances received with orders in 20x0 P184,000;
Advances applied to orders shipped in 20x0 P164,000;
Advances applicable to orders canceled in 20x0 P50,000

Problem 1: In Black's December 31, 20x0, balance sheet, what amount should be reported as a current liability for advances from customer?

Reference no: EM132811150

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