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Pharoah, Inc. began work on a $7,578,000 contract in 2025 to construct an office building. Pharoah uses the cost-recovery method. At December 31, 2025,
Pharoah, Inc. began work on a $7,578,000 contract in 2025 to construct an office building. Pharoah uses the cost-recovery method. At December 31, 2025, the balances in certain accounts were Construction in Process $1,628,000, Accounts Receivable $230,000, and Billings on Construction in Process $973,000. Indicate how these accounts would be reported in Pharoah's December 31, 2025, balance sheet. (List assets in order of liquidity.) PHAROAH, INC. Balance Sheet $
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Essentials of Accounting for Governmental and Not-for-Profit Organizations
Authors: Paul A. Copley
10th Edition
007352705X, 978-0073527055
