Under the percentage-of-completion method, how should the balances of progress billings and construction in process be disclosed in the financial statements prior to the completion of the contract?
A)Progress billings as deferred income, construction in progress as a deferred expense.
B)Progress billings as income, construction in process as inventory.
C)Net, as a current asset if a debit balance, and a current liability if a credit balance.
D)Net, as income from construction if a credit balance, and loss from construction if a debit
Balance.

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The Answer of Under the percentage-of-completion method, how should the balances of progress billings and construction in process be disclosed in the financial statements prior to the completion of the contract?
A)Progress billings as deferred income, construction in progress as a deferred expense.
B)Progress billings as income, construction in process as inventory.
C)Net, as a current asset if a debit balance, and a current liability if a credit balance.
D)Net, as income from construction if a credit balance, and loss from construction if a debit
Balance.

Under the Percentage-Of-Completion Method, How Should the Balances of Progress