What would appear in the 2018 balance sheet

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Question

Andlewood Construction Inc. recognizes revenue over time according to percentage of completion for its long-term construction contracts. In 2018, Sandlewood began work on a $10,000,000 construction contract, which was completed in 2019. The accounting records disclosed the following data at the end of 2018:

Costs incurred$5,400,000

Estimated cost to complete 3,600,000

Progress billings 4,100,000

Cash collections 3,200,000

In addition to accounts receivable, what would appear in the 2018 balance sheet related to the construction accounts?

Reference no: EM132325643

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