Guillen, Inc. began work on a $7,000,000 contract in 2014 to construct an office building. Guillen uses the completed-contract method. At December 31, 2014, the balances in certain accounts were Construction in Process $1,715,000; Accounts Receivable $240,000; and Billings on Construction in Process $1,000,000. Indicate how these accounts would be reported in Guillens December 31, 2014, balance sheet.

Guillen, Inc. Balance Sheet December 31, 2014

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________________________________________ $________________

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_______________________ $_________________

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_________________________________ $________________

Options for this Question

Current Assets

Current Liabilities

Intangible assets

Long-Term investments

Long-term liabilities

Property, plant, and equipment

Stockholders Equity

Total assets

Total current liabilities

Total intangible assets

Total liabilities

Total liabilities & stockholders equity

Total long term investments

Total long term liabilities

Total property, plant, and equipment

Total stockholders equity