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Unformatted text preview: 6 184,000 A d v a n ce s a p pl ie 164,000 d to or d er s sh ip p e d in 2 6 A d v a n ce s a p pl ic a bl e to or d er s ca n ce le d in 2 6 50,000 In Black’s December 31, 2006, balance sheet, what amount should be reported as a current liability for advances from customer? a. $0 b. $88,000 c. $138,000 d. $148,000 Answer: b 2. Which of the following is generally associated with payables classified as accounts payable? Periodic Payment Secured of Interest by Collateral a. No No b. No Yes c. Yes No d. Yes Yes Answer: a...
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- Spring '10
- $0, $88,000, liabilities LO3 LO4