ANSWERS TO QUESTIONS
3. Customer advances of $17,000,000 will be reported as a current liability ($12,000,000 + $30,000,000 – $25,000,000). EXERCISE 5-9 (30–35 minutes) EXERCISE 5-9 (Continued) Current liabilities Accounts payable $115,000a Notes payable 55,000b Total current liabilities $170,000 ................
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