Question

Sheffield, Inc. began work on a $6,818,000 contract in 2020 to construct an office building. Sheffield uses the completed-contract method. At December 31, 2020, the balances in certain accounts were Construction in Process $1,686,000, Accounts Receivable $222,000, and Billings on Construction in Process $1,034,000.

Indicate how these accounts would be reported in Sheffield’s December 31, 2020, balance sheet. (List assets in order of liquidity.)

Sheffield, Inc. Balance Sheet choose the accounting period                                                          December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
select a balance sheet section name                                                          Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
select a balance sheet item                                                          Accounts PayableAccounts ReceivableBillingsCashConstruction in ProcessCosts in Excess of BillingsInventories					$enter a dollar amount
select an opening name for subsection one                                                          Accounts PayableAccounts ReceivableBillingsCashConstruction in ProcessCosts in Excess of BillingsInventories
select a balance sheet item                                                          Accounts PayableAccounts ReceivableBillingsCashConstruction in ProcessCosts in Excess of BillingsInventories			$enter a dollar amount
select between addition and deduction                                                          AddLess: select a balance sheet item                                                          Accounts PayableAccounts ReceivableBillingsCashConstruction in ProcessCosts in Excess of BillingsInventories			enter a dollar amount
select a closing name for subsection one                                                          Accounts PayableAccounts ReceivableBillingsCashConstruction in ProcessCosts in Excess of BillingsInventories					$enter a total of the two previous amounts

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Answer 1

Answer
Sheffield, Inc.
Balance Sheet
As at December 31, 2020
Current assets
Accounts Receivable		$     222,000
Construction in process	$             1,686,000
Less : Billing	-$             1,034,000
Costs in excess of billing		$     652,000
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