Under the percentage-of-completion method, how should the balances of billings on construction in process and construction in process be reported prior to the completion of a long-term contract?

Given Information:

>Net, as income from construction if credit balance, and loss from construction if debit balance.

>Net, as a current asset if a debit balance, and as a current liability if a credit balance.

>Progress billings as deferred income, construction in progress as a deferred expense.

>Progress billings as income, construction in process as inventory.

Net, as a current asset if a debit balance, and as a current liability if a credit balance.

Explanation:

In net the balance sheets of accruals and investment should be shown as current assets when a debit balance is established and as a current liability when a credit balance is established.

Net is typically the sum of positive and negative sums when it comes to accounting. For example, the net sales amount is the combination of a positive turnover and some negative amounts, including sales returns, sales allowances and discounts.

The accrued investment income is called a capital asset as the sum is generally expected to be published in its balance sheet within one year.

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues,   with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.