What amount should mears report as a current liability

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Reference no: EM133496559

Question: Mears Company requires advance payments with special orders from customers for machinery constructed to its specifications. Information for 2020 is summarized as follows: Customer advances-balance December 31, 2019 $590,000 Advances received with orders in 2020 920,000 Advances applied to orders shipped in 2020 820,000 Advances applicable to orders canceled in 2020 250,000 At December 31, 2020, what amount should Mears report as a current liability for customer advances?

Reference no: EM133496559

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