Lake Co.receives nonrefundable advance payments with special orders for containers constructed to customer specifications.Related information for 2016 is as follows ($ in millions):
What amount should Lake report as a current liability for advances from customers in its Dec.31,2016,balance sheet?
A)$0.
B)$80.
C)$125.
D)$170.

Question

Lake Co.receives nonrefundable advance payments with special orders for containers constructed to customer specifications.Related information for 2016 is as follows ($ in millions): 
What amount should Lake report as a current liability for advances from customers in its Dec.31,2016,balance sheet?
A)$0. 
B)$80. 
C)$125. 
D)$170.

Quizplus · Accepted Answer

The Answer of Lake Co.receives nonrefundable advance payments with special orders for containers constructed to customer specifications.Related information for 2016 is as follows ($ in millions): 
What amount should Lake report as a current liability for advances from customers in its Dec.31,2016,balance sheet?
A)$0. 
B)$80. 
C)$125. 
D)$170.

Lake CoReceives Nonrefundable Advance Payments with Special Orders for Containers Constructed