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Lake CoReceives Nonrefundable Advance Payments with Special Orders for Containers Constructed

question 27

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


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