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Buffalo, Inc. began work on a $7, 585,000 contract in 2017 to construct an office building. Buffalo user the completed-contract method. At December 31, 2017,
Buffalo, Inc. began work on a $7, 585,000 contract in 2017 to construct an office building. Buffalo user the completed-contract method. At December 31, 2017, the balances in certain accounts were Construction in Process $1, 759,000. Accounts Receivable $221,000, and Billings on Construction in Process $948,000. Indicate how these accounts would be reposed r Buffalo's December 31, 2017, balance sheet. (List assets in order of liquidity.)
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