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vedt Co. receives advance payments for special orders from customers for containers built to specifications. Because they are custom built, the advance payments are nonrefundable.
vedt Co. receives advance payments for special orders from customers for containers built to specifications. Because they are custom built, the advance payments are nonrefundable. Customer advance payment information for 2019 is as follows: ($ in millions):
Customer advances balance, Dec. 31, 2018 | $ 286 |
Advances received with 2019 orders | 507 |
Advances applicable to orders shipped in 2019 | 468 |
Advances from orders canceled in 2019 | 117 |
What amount should Tvedt report as a current liability for customer advance payments on its December 31, 2019, balance sheet?
Group of answer choices
$442 million.
$325 million.
$0.
$208 million.
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