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Lake Co. receives nonrefundable advance payments with special orders for containers constructed to customer specifications. Related information for 2016 is as follows ($ in millions):
Lake Co. receives nonrefundable advance payments with special orders for containers constructed to customer specifications. Related information for 2016 is as follows ($ in millions): |
Customer advances balance, Dec. 31, 2015 | $118 |
Advances received with 2016 orders | 194 |
Advances applicable to orders shipped in 2016 | 179 |
Advances from orders canceled in 2016 | 35 |
What amount should Lake report as a current liability for advances from customers in its Dec. 31, 2016, balance sheet? |
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