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Tamarisk, Inc. began work on a $6,588,000 contract in 2017 to construct an office building. Tamarisk uses the completed-contract method. At December 31, 2017, the
Tamarisk, Inc. began work on a $6,588,000 contract in 2017 to construct an office building. Tamarisk uses the completed-contract method. At December 31, 2017, the balances in certain accounts were Construction in Process $1,835,000, Accounts Receivable $240,000, and Billings on Construction in Process $945,000. Indicate how these accounts would be reported in Tamarisks December 31, 2017, balance sheet. (List assets in order of liquidity.)
Tamarisk, Inc. Balance Sheet
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