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payments with special orders for machinery omer specifications. Information are as follows: ustomer Advances - Balance December 31, 2020- P118,000 vances received with orders in 2020- P184,000 Ivances applied to orders shipped in 2020- P164,000 Ivances applicable to orders canceled in 2020- P50,000 v much should be reported as a current liability for advances from custor 2019? *

payments with special orders for machinery omer specifications. Information are as follows: ustomer Advances - Balance December 31, 2020- P118,000 vances received with orders in 2020- P184,000 Ivances applied to orders shipped in 2020- P164,000 Ivances applicable to orders canceled in 2020- P50,000 v much should be reported as a current liability for advances from custor 2019? *

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tokwa Inc. requires advance payments with special orders for machinery constructed to the customer specifications. Information are as follows: Customer Advances - Balance December 31, 2020- P118,000 · Advances received with orders in 2020- P184,000 · Advances applied to orders shipped in 2020- P164,000 Advances applicable to orders canceled in 2020- P50,000 How much should be reported as a current liability for advances from customers on December 31, 2019? *
Transcribed Image Text:Tokwa Inc. requires advance payments with special orders for machinery constructed to the customer specifications. Information are as follows: Customer Advances - Balance December 31, 2020- P118,000 · Advances received with orders in 2020- P184,000 · Advances applied to orders shipped in 2020- P164,000 Advances applicable to orders canceled in 2020- P50,000 How much should be reported as a current liability for advances from customers on December 31, 2019? *
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