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What amount should tvedt report as a current liability

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Question - Tvedt Co. receives advance payments for special orders from customers for containers built to specifications. Because they are custom built, the advance payments are nonrefundable. Customer advance payment information for 2019 is as follows: ($ in millions):

Customer advances balance, Dec. 31, 2018 $286

Advances received with 2019 orders 507

Advances applicable to orders shipped in 2019 468

Advances from orders canceled in 2019 117

Required - What amount should Tvedt report as a current liability for customer advance payments on its December 31, 2019, balance sheet?

Reference no: EM133093435

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