Guillen Inc. began work on a $7,000,000 non-cancellable contract in 2017 to construct an office building. Guillen

Question:

Guillen Inc. began work on a $7,000,000 non-cancellable contract in 2017 to construct an office building. Guillen uses the completed-contract method under ASPE. At December 31, 2017, the balances in certain accounts were Contract Asset $1,715,000; $240,000; and Contract Liability $1,000,000. Indicate how these accounts would be reported in Guillen's December 31, 2017 balance sheet.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...